Cadence Bank $CADE Shares Purchased by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. increased its stake in Cadence Bank by 51.4%, holding 585,197 shares valued at approximately $17.77 million.
• Multiple large institutional investors have significantly increased their positions in Cadence Bank, with Bessemer Group Inc. boosting holdings by 76,386.7% in Q1.
• Analysts have raised Cadence Bank's target price, with a consensus rating of "Moderate Buy" and an average target price of $40.40.

Alliancebernstein L.P. grew its stake in Cadence Bank (NYSE:CADE - Free Report) by 51.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 585,197 shares of the company's stock after purchasing an additional 198,709 shares during the quarter. Alliancebernstein L.P. owned about 0.32% of Cadence Bank worth $17,767,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Cadence Bank in the 1st quarter worth about $40,000. Abound Wealth Management grew its stake in shares of Cadence Bank by 223.3% in the first quarter. Abound Wealth Management now owns 1,665 shares of the company's stock worth $51,000 after acquiring an additional 1,150 shares during the period. UMB Bank n.a. grew its stake in shares of Cadence Bank by 169.6% in the first quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock worth $54,000 after acquiring an additional 1,116 shares during the period. State of Wyoming boosted its holdings in shares of Cadence Bank by 172.4% in the fourth quarter. State of Wyoming now owns 2,359 shares of the company's stock worth $81,000 after buying an additional 1,493 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Cadence Bank by 55.3% in the first quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock worth $88,000 after buying an additional 1,030 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on CADE. Stephens upped their price target on shares of Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. DA Davidson boosted their price objective on shares of Cadence Bank from $37.00 to $42.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Hovde Group upped their price target on shares of Cadence Bank from $34.00 to $40.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. Zacks Research cut shares of Cadence Bank from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. Finally, Barclays reaffirmed an "overweight" rating and issued a $41.00 price objective (up from $38.00) on shares of Cadence Bank in a research note on Tuesday, July 8th. Seven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $40.40.

Cadence Bank Stock Performance

Shares of Cadence Bank stock traded down $0.37 during midday trading on Tuesday, hitting $36.44. The company had a trading volume of 1,548,699 shares, compared to its average volume of 1,810,327. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $40.20. The company has a fifty day simple moving average of $35.97 and a 200 day simple moving average of $32.26. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25. The stock has a market cap of $6.64 billion, a price-to-earnings ratio of 12.97 and a beta of 0.91.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.04. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. The company had revenue of $476.32 million for the quarter, compared to the consensus estimate of $467.60 million. During the same quarter in the prior year, the company earned $0.73 EPS. As a group, analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.0%. Cadence Bank's dividend payout ratio (DPR) is presently 39.15%.

Cadence Bank Profile

Cadence Bank provides commercial banking and financial services. Its products and services include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized and asset-based lending, commercial real estate, equipment financing, and correspondent banking services.