Raymond James Financial Inc. Buys 12,319 Shares of Cadence Bank $CADE

Key Points

• Raymond James Financial Inc. increased its stake in Cadence Bank by 3.2%, owning a total of 396,201 shares valued at approximately $12 million.
• Analysts have been optimistic about Cadence Bank, with several raising their target prices, resulting in a consensus target price of $40.40 and a rating of "Moderate Buy."
• Cadence Bank recently announced a quarterly dividend of $0.275 per share, with an annualized yield of 2.9%.

Raymond James Financial Inc. boosted its holdings in Cadence Bank (NYSE:CADE - Free Report) by 3.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 396,201 shares of the company's stock after purchasing an additional 12,319 shares during the period. Raymond James Financial Inc. owned about 0.22% of Cadence Bank worth $12,029,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CADE. Abound Wealth Management increased its position in Cadence Bank by 223.3% during 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. lifted its holdings 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 last quarter. State of Wyoming lifted its stake in shares of Cadence Bank by 172.4% in the 4th quarter. State of Wyoming now owns 2,359 shares of the company's stock valued at $81,000 after acquiring an additional 1,493 shares during the last quarter. GAMMA Investing LLC grew its position in Cadence Bank by 55.3% during the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock worth $88,000 after acquiring an additional 1,030 shares during the last quarter. Finally, CX Institutional bought a new position in shares of Cadence Bank during the first quarter valued at $122,000. Institutional investors and hedge funds own 84.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CADE. Piper Sandler increased their target price on shares of Cadence Bank from $42.00 to $43.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Wall Street Zen downgraded Cadence Bank from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Royal Bank Of Canada upped 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. Stephens increased their price target on Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Finally, Hovde Group lifted their price objective on shares of Cadence Bank from $34.00 to $40.00 and gave the company a "market perform" rating in a research note on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Cadence Bank currently has an average rating of "Moderate Buy" and a consensus price target of $40.40.

Cadence Bank Stock Performance

Shares of Cadence Bank stock traded up $0.55 during mid-day trading on Thursday, hitting $37.97. 2,439,923 shares of the stock were exchanged, compared to its average volume of 1,495,883. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market capitalization of $6.92 billion, a P/E ratio of 13.51 and a beta of 0.91. The company has a 50-day simple moving average of $35.40 and a 200 day simple moving average of $32.04. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.69 by $0.04. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.The business 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 business earned $0.73 earnings per share. Sell-side analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given 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.