State of Wyoming Purchases 15,879 Shares of Cadence Bank $CADE

Key Points

• The State of Wyoming increased its holdings in Cadence Bank by 673.1%, purchasing an additional 15,879 shares, bringing its total to 18,238 shares valued at $554,000.
• Cadence Bank declared a quarterly dividend of $0.275 per share, with an annual yield of 2.9%, to be paid on October 1st.
• Several analysts have adjusted their ratings and price targets for Cadence Bank, with Barclays setting a new target at $41.00 and Piper Sandler increasing theirs to $43.00, while the consensus rating remains at "Moderate Buy".

State of Wyoming raised its stake in Cadence Bank (NYSE:CADE - Free Report) by 673.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,238 shares of the company's stock after acquiring an additional 15,879 shares during the quarter. State of Wyoming's holdings in Cadence Bank were worth $554,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Cadence Bank in the 1st quarter valued at about $40,000. Abound Wealth Management increased its position in Cadence Bank by 223.3% in the 1st quarter. Abound Wealth Management now owns 1,665 shares of the company's stock valued at $51,000 after acquiring an additional 1,150 shares in the last quarter. UMB Bank n.a. increased its position in Cadence Bank by 169.6% in the 1st quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock valued at $54,000 after acquiring an additional 1,116 shares in the last quarter. GAMMA Investing LLC increased its position in Cadence Bank by 55.3% in the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after acquiring an additional 1,030 shares in the last quarter. Finally, CX Institutional acquired a new stake in Cadence Bank in the 1st quarter valued at about $122,000. Institutional investors and hedge funds own 84.61% of the company's stock.

Cadence Bank Stock Down 0.4%

CADE traded down $0.14 during trading on Tuesday, reaching $37.50. The company had a trading volume of 1,456,061 shares, compared to its average volume of 1,462,440. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20. The business's fifty day moving average price is $35.04 and its 200 day moving average price is $31.94. The company has a market cap of $6.83 billion, a P/E ratio of 13.34 and a beta of 0.91.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.04. The firm had revenue of $476.32 million for the quarter, compared to analyst estimates 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. Equities analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Dividend Announcement

The firm also recently disclosed 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. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Cadence Bank's payout ratio is currently 39.15%.

Analyst Ratings Changes

Several brokerages have recently commented on CADE. Wall Street Zen cut shares of Cadence Bank from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Hovde Group lifted their price target on shares of Cadence Bank from $34.00 to $40.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods lifted their price target 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. Barclays reiterated an "overweight" rating and set a $41.00 price target (up previously from $38.00) on shares of Cadence Bank in a research report on Tuesday, July 8th. Finally, Royal Bank Of Canada lifted their price target on shares of Cadence Bank from $34.00 to $37.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $40.40.

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.