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. increased its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 51.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 585,197 shares of the company's stock after buying 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 reporting period.

Other institutional investors have also recently made changes to their positions in the company. Teacher Retirement System of Texas raised its position in shares of Cadence Bank by 312.7% during the 1st quarter. Teacher Retirement System of Texas now owns 49,592 shares of the company's stock valued at $1,506,000 after buying an additional 37,576 shares during the period. Principal Financial Group Inc. raised its position in shares of Cadence Bank by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 425,330 shares of the company's stock valued at $12,913,000 after buying an additional 5,221 shares during the period. State of Alaska Department of Revenue raised its position in shares of Cadence Bank by 3.1% during the 1st quarter. State of Alaska Department of Revenue now owns 21,500 shares of the company's stock valued at $652,000 after buying an additional 640 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Cadence Bank by 2.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 69,707 shares of the company's stock valued at $2,116,000 after buying an additional 1,670 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Cadence Bank by 55.3% during the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after buying an additional 1,030 shares during the period. Hedge funds and other institutional investors own 84.61% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on CADE shares. DA Davidson lifted their price target 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. Royal Bank Of Canada boosted their target price on Cadence Bank from $34.00 to $37.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. Keefe, Bruyette & Woods boosted their target price on Cadence Bank from $40.00 to $41.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Stephens boosted their target price on Cadence Bank from $41.00 to $42.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Finally, Zacks Research lowered Cadence Bank from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. Seven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Cadence Bank presently has an average rating of "Moderate Buy" and an average target price of $40.40.

Cadence Bank Stock Up 1.0%

Shares of NYSE:CADE traded up $0.37 during trading on Friday, hitting $37.71. The company's stock had a trading volume of 2,206,202 shares, compared to its average volume of 1,777,295. The business has a 50 day moving average price of $35.90 and a two-hundred day moving average price of $32.21. The company has a market capitalization of $6.87 billion, a PE ratio of 13.42 and a beta of 0.91. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20.

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

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.275 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.10 annualized dividend and a dividend yield of 2.9%. Cadence Bank's payout ratio is 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.