Vaughan Nelson Investment Management L.P. Grows Stock Position in Cadence Bank $CADE

Key Points

• Vaughan Nelson Investment Management L.P. increased its stake in Cadence Bank by 19.9% during Q2, acquiring 480,622 additional shares, bringing its total ownership to approximately 2.9 million shares valued at around $92.6 million.
• Multiple analysts have raised their price targets for Cadence Bank, with Piper Sandler increasing theirs from $42 to $43, while Morgan Stanley set a new target of $47, indicating a generally positive outlook for the stock.
• Cadence Bank reported quarterly earnings of $0.73 per share, exceeding analyst estimates, and recently announced a quarterly dividend of $0.275, reflecting a 2.9% dividend yield.

Vaughan Nelson Investment Management L.P. lifted its stake in shares of Cadence Bank (NYSE:CADE - Free Report) by 19.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,896,820 shares of the company's stock after purchasing an additional 480,622 shares during the quarter. Vaughan Nelson Investment Management L.P. owned about 1.59% of Cadence Bank worth $92,640,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Teacher Retirement System of Texas raised 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 during the last quarter. Principal Financial Group Inc. grew its holdings in Cadence Bank by 1.2% during the first quarter. Principal Financial Group Inc. now owns 425,330 shares of the company's stock worth $12,913,000 after acquiring an additional 5,221 shares during the period. State of Alaska Department of Revenue grew its holdings in Cadence Bank by 3.1% during the first quarter. State of Alaska Department of Revenue now owns 21,500 shares of the company's stock worth $652,000 after acquiring an additional 640 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Cadence Bank by 2.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 69,707 shares of the company's stock worth $2,116,000 after acquiring an additional 1,670 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Cadence Bank by 55.3% during the first 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 period. Hedge funds and other institutional investors own 84.61% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Piper Sandler upped their price objective on Cadence Bank from $42.00 to $43.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Hovde Group upped their price objective on Cadence Bank from $34.00 to $40.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. Barclays reaffirmed an "overweight" rating and set a $41.00 price objective (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Morgan Stanley upped their price objective on Cadence Bank from $38.00 to $47.00 and gave the stock an "overweight" rating in a report on Monday. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cadence Bank in a report on Saturday, September 27th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $40.90.

Cadence Bank Stock Up 1.0%

CADE opened at $37.79 on Friday. 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 firm has a market cap of $6.89 billion, a P/E ratio of 13.45 and a beta of 0.88. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20. The business's fifty day simple moving average is $36.56 and its 200 day simple moving average is $32.89.

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 analysts' consensus estimates 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 analyst estimates of $467.60 million. During the same quarter last year, the company earned $0.73 earnings per share. As a group, equities research analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, September 15th. Cadence Bank's payout ratio is currently 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.

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