MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Raises Stake in Cadence Bank $CADE

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Cadence Bank (NYSE:CADE) by 10.9% during the first quarter, purchasing an additional 17,124 shares to total 174,743 shares, valued at approximately $5.3 million.
• Cadence Bank reported $0.73 EPS for the last quarter, exceeding estimates, with revenues of $476.32 million compared to $467.60 million expected by analysts.
• The company declared a quarterly dividend of $0.275 per share, with a record date of September 15th, amounting to an annual yield of 2.9%.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Cadence Bank (NYSE:CADE - Free Report) by 10.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 174,743 shares of the company's stock after buying an additional 17,124 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.10% of Cadence Bank worth $5,305,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Wellington Management Group LLP raised its position in shares of Cadence Bank by 7.8% during the 1st quarter. Wellington Management Group LLP now owns 13,481,585 shares of the company's stock valued at $409,301,000 after buying an additional 980,369 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of Cadence Bank by 0.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,520,057 shares of the company's stock valued at $167,589,000 after buying an additional 32,362 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Cadence Bank by 5.7% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 3,619,544 shares of the company's stock valued at $109,889,000 after purchasing an additional 193,582 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in shares of Cadence Bank by 8.1% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 2,416,198 shares of the company's stock valued at $73,356,000 after purchasing an additional 181,465 shares during the last quarter. Finally, Segall Bryant & Hamill LLC grew its holdings in shares of Cadence Bank by 2.1% during the 1st quarter. Segall Bryant & Hamill LLC now owns 1,370,231 shares of the company's stock valued at $41,600,000 after purchasing an additional 28,363 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented 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 report on Monday, July 28th. Wall Street Zen lowered shares of Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Hovde Group increased their target price on shares of Cadence Bank from $34.00 to $40.00 and gave the company a "market perform" rating in a report on Monday, July 28th. Barclays reaffirmed an "overweight" rating and set a $41.00 target price (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Finally, Royal Bank Of Canada increased their target price on shares of Cadence Bank from $34.00 to $37.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Seven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $40.40.

Cadence Bank Stock Up 1.0%

Cadence Bank stock traded up $0.36 during trading hours on Wednesday, hitting $36.84. 1,891,454 shares of the stock traded hands, compared to its average volume of 1,805,537. The firm's 50-day moving average price is $36.01 and its two-hundred day moving average price is $32.29. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25. The company has a market cap of $6.71 billion, a PE ratio of 13.11 and a beta of 0.91. Cadence Bank has a one year low of $25.22 and a one year 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 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.04. The business had revenue of $476.32 million for the quarter, compared to analysts' expectations of $467.60 million. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.During the same period in the previous year, the firm posted $0.73 EPS. On average, research analysts forecast that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Dividend Announcement

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

About Cadence Bank

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.