Sit Investment Associates Inc. Boosts Stake in Cadence Bank $CADE

Key Points

• Sit Investment Associates Inc. has increased its holding in Cadence Bank by 41.7%, owning a total of 36,475 shares valued at $1,107,000 after acquiring an additional 10,725 shares in the first quarter.
• Cadence Bank announced a quarterly dividend of $0.275 per share, translating to an annualized yield of 3.1%, with the payout ratio set at 39.15%.
• Following recent earnings, which surpassed analysts' expectations, several analysts updated their ratings and price targets for Cadence Bank, with an average price target projected at $40.40.

Sit Investment Associates Inc. boosted its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 41.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 36,475 shares of the company's stock after purchasing an additional 10,725 shares during the period. Sit Investment Associates Inc.'s holdings in Cadence Bank were worth $1,107,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Teacher Retirement System of Texas increased its stake in shares of Cadence Bank by 312.7% during the first quarter. Teacher Retirement System of Texas now owns 49,592 shares of the company's stock worth $1,506,000 after purchasing an additional 37,576 shares in the last quarter. Principal Financial Group Inc. lifted 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 worth $12,913,000 after buying an additional 5,221 shares during the last quarter. State of Alaska Department of Revenue raised its position in Cadence Bank by 3.1% in the 1st quarter. State of Alaska Department of Revenue now owns 21,500 shares of the company's stock valued at $652,000 after purchasing an additional 640 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Cadence Bank by 2.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 69,707 shares of the company's stock valued at $2,116,000 after purchasing an additional 1,670 shares during the last quarter. Finally, GAMMA Investing LLC raised 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 buying an additional 1,030 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

Analysts Set New Price Targets

CADE has been the subject of a number of analyst reports. 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. Stephens boosted their target price on shares of Cadence Bank from $41.00 to $42.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Barclays reiterated an "overweight" rating and set a $41.00 price objective (up previously from $38.00) on shares of Cadence Bank in a research note on Tuesday, July 8th. Piper Sandler boosted their price target 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. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $40.40.

Cadence Bank Stock Performance

CADE traded up $0.01 during trading hours on Thursday, hitting $35.44. The stock had a trading volume of 424,888 shares, compared to its average volume of 1,451,604. The stock has a market cap of $6.46 billion, a PE ratio of 12.63 and a beta of 0.89. 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 company's fifty day simple moving average is $33.94 and its 200 day simple moving average is $31.86. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last announced 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. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.The firm had revenue of $476.32 million during the quarter, compared to the consensus estimate of $467.60 million. During the same quarter in the previous year, the company posted $0.73 earnings per share. Equities analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank declared that its board has authorized a stock repurchase plan on Friday, April 25th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Cadence Bank Dividend Announcement

The company 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 dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.1%. The ex-dividend date is Monday, September 15th. Cadence Bank's payout ratio is presently 39.15%.

Cadence Bank Company 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.