GSA Capital Partners LLP Increases Stake in Cadence Bank (NYSE:CADE)

GSA Capital Partners LLP raised its holdings in shares of Cadence Bank (NYSE:CADE) by 7.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,635 shares of the company’s stock after acquiring an additional 2,857 shares during the quarter. GSA Capital Partners LLP’s holdings in Cadence Bank were worth $1,358,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Wolverine Asset Management LLC raised its holdings in Cadence Bank by 59.4% in the 3rd quarter. Wolverine Asset Management LLC now owns 10,917 shares of the company’s stock worth $348,000 after purchasing an additional 4,069 shares during the period. Americana Partners LLC bought a new position in shares of Cadence Bank in the third quarter worth about $201,000. US Bancorp DE lifted its position in shares of Cadence Bank by 8.5% during the 3rd quarter. US Bancorp DE now owns 22,839 shares of the company’s stock valued at $727,000 after buying an additional 1,781 shares in the last quarter. New York State Teachers Retirement System grew its stake in shares of Cadence Bank by 0.8% during the 3rd quarter. New York State Teachers Retirement System now owns 223,359 shares of the company’s stock valued at $7,114,000 after acquiring an additional 1,762 shares during the period. Finally, Arbor Investment Advisors LLC increased its holdings in Cadence Bank by 7.4% in the 3rd quarter. Arbor Investment Advisors LLC now owns 77,246 shares of the company’s stock worth $2,460,000 after acquiring an additional 5,329 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Down 0.8 %

Shares of CADE opened at $38.43 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $7.00 billion, a price-to-earnings ratio of 11.04 and a beta of 0.95. Cadence Bank has a 1 year low of $23.22 and a 1 year high of $39.79. The business’s 50 day simple moving average is $32.87 and its 200-day simple moving average is $30.73.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The company had revenue of $447.36 million for the quarter, compared to the consensus estimate of $450.97 million. During the same quarter in the prior year, the firm earned $0.56 earnings per share. Cadence Bank’s revenue was up 11.0% on a year-over-year basis. As a group, equities analysts expect that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s payout ratio is 28.74%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CADE shares. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $36.00 to $39.00 in a report on Monday, September 30th. DA Davidson upped their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Barclays raised their price target on Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Piper Sandler lowered Cadence Bank from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $33.00 to $34.00 in a research note on Wednesday, July 24th. Finally, Stephens reissued an “overweight” rating and set a $35.00 target price on shares of Cadence Bank in a research note on Tuesday, July 23rd. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.29.

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.