Cadence Bank (NYSE:CADE) Shares Purchased by Sit Investment Associates Inc.

Sit Investment Associates Inc. raised its position in Cadence Bank (NYSE:CADE) by 2.4% during the 4th quarter, Holdings Channel reports. The firm owned 25,750 shares of the company’s stock after acquiring an additional 600 shares during the quarter. Sit Investment Associates Inc.’s holdings in Cadence Bank were worth $887,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CADE. Brooklyn Investment Group purchased a new stake in Cadence Bank in the 4th quarter valued at approximately $26,000. Mather Group LLC. boosted its stake in shares of Cadence Bank by 716.2% during the 4th quarter. Mather Group LLC. now owns 808 shares of the company’s stock worth $28,000 after purchasing an additional 709 shares during the last quarter. Keystone Financial Group Inc. purchased a new stake in shares of Cadence Bank during the fourth quarter worth about $31,000. Smartleaf Asset Management LLC lifted its stake in shares of Cadence Bank by 163.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock valued at $40,000 after buying an additional 722 shares during the period. Finally, Parkside Financial Bank & Trust boosted its position in Cadence Bank by 504.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company’s stock worth $59,000 after acquiring an additional 1,434 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Performance

Shares of NYSE:CADE opened at $26.39 on Monday. The business’s 50-day simple moving average is $32.29 and its 200 day simple moving average is $33.95. The company has a market cap of $4.81 billion, a P/E ratio of 9.53 and a beta of 0.87. Cadence Bank has a one year low of $25.25 and a one year high of $40.20.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter last year, the company earned $0.40 EPS. Analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a dividend of $0.275 per share. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date was Friday, March 14th. This represents a $1.10 annualized dividend and a yield of 4.17%. Cadence Bank’s payout ratio is 39.71%.

Analyst Upgrades and Downgrades

CADE has been the topic of several analyst reports. Citigroup raised their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Stephens reiterated an “overweight” rating and set a $42.00 price objective on shares of Cadence Bank in a report on Thursday, January 23rd. Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $41.00 to $44.00 in a research note on Thursday, December 19th. Hovde Group dropped their price objective on Cadence Bank from $40.00 to $35.00 and set a “market perform” rating for the company in a report on Wednesday, April 2nd. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $38.00 price target on shares of Cadence Bank in a research note on Friday, January 24th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $38.64.

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.