Cadence Bank $CADE Shares Purchased by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP increased its stake in Cadence Bank by 7.8%, acquiring an additional 980,369 shares, bringing its total ownership to approximately 7.40% of the company's shares valued at $409.3 million.
• Cadence Bank recently declared a quarterly dividend of $0.275 per share, representing a 3.1% yield, with the dividend to be paid on October 1st.
• Analysts have varying opinions on Cadence Bank's stock, with price targets ranging from $34 to $43, and a consensus rating of "Moderate Buy" with a price target of $40.40.

Wellington Management Group LLP increased its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 7.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,481,585 shares of the company's stock after purchasing an additional 980,369 shares during the quarter. Wellington Management Group LLP owned 7.40% of Cadence Bank worth $409,301,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas lifted its stake in 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. lifted its stake 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 purchasing an additional 5,221 shares during the last quarter. State of Alaska Department of Revenue lifted its stake 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 purchasing an additional 640 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake 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 purchasing an additional 1,670 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake 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 purchasing an additional 1,030 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CADE shares. Stephens raised their price objective on Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Royal Bank Of Canada increased their target price on Cadence Bank from $34.00 to $37.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Keefe, Bruyette & Woods increased their target price on Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Hovde Group increased their target price on Cadence Bank from $34.00 to $40.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. Finally, Piper Sandler increased their target price on Cadence Bank from $42.00 to $43.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $40.40.

Cadence Bank Stock Performance

Shares of CADE traded up $1.8880 during trading hours on Friday, reaching $37.2280. 2,018,160 shares of the company's stock traded hands, compared to its average volume of 1,775,828. The firm has a market capitalization of $6.78 billion, a price-to-earnings ratio of 13.25 and a beta of 0.89. 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 twelve month low of $25.22 and a twelve month high of $40.20. The business's fifty day simple moving average is $34.17 and its two-hundred day simple moving average is $31.84.

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

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend 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%.

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.