Prospera Financial Services Inc buys shares of 1997 Cadence Bank (NYSE: CADE)


Prospera Financial Services Inc bought a new stake in Cadence Bank (NYSE:CADE – Get Rating) during the first quarter, according to the company in its latest disclosure to the Securities and Exchange Commission. The company bought 1,997 shares of the company, valued at around $58,000.

Other hedge funds and other institutional investors have also recently increased or reduced their stakes in the company. Covestor Ltd acquired a new stake in Cadence Bank in Q4 worth approximately $25,000. Quadrant Capital Group LLC acquired a new stake in shares of Cadence Bank during the 4th quarter worth approximately $30,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Cadence Bank stock during Q4 worth approximately $34,000. Missouri Trust & Investment Co acquired a new stake in Cadence Bank stock during Q4 worth approximately $60,000. Finally, Citizens National Bank Trust Department acquired a new stake in the shares of Cadence Bank during the 4th quarter worth approximately $72,000. Institutional investors and hedge funds hold 71.03% of the company’s shares.

Cadence Bank trades up 0.8%

CADE shares opened at $26.19 on Tuesday. The stock has a fifty-day moving average price of $24.61 and a two-hundred-day moving average price of $27.27. The company has a debt ratio of 0.11, a quick ratio of 0.70 and a current ratio of 0.70. Cadence Bank has a 52-week low of $22.04 and a 52-week high of $34.24. The company has a market capitalization of $2.84 billion, a price-earnings ratio of 15.32 and a beta of 1.07.

Cadence Bank (NYSE:CADE – Get Rating) last released its quarterly earnings data on Monday, July 25. The company reported earnings per share (EPS) of $0.68 for the quarter, beating the consensus estimate of $0.66 by $0.02. Cadence Bank achieved a return on equity of 11.01% and a net margin of 17.35%. In the same period a year earlier, the company posted earnings of $0.86 per share. Analysts expect Cadence Bank to post EPS of 2.91 for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3. Shareholders of record on Thursday, September 15 will receive a dividend of $0.22. The ex-dividend date is Wednesday, September 14. This represents an annualized dividend of $0.88 and a yield of 3.36%. Cadence Bank’s payout ratio is 51.46%.

Changes to analyst ratings

Several brokerages have recently weighed in on CADE. Truist Financial reduced its price target on Cadence Bank from $32.00 to $30.00 in a Wednesday, June 15 report. Piper Sandler cut her price target on Cadence Bank to $33.00 in a Monday, July 4 report. Stephens raised his price target on Cadence Bank to $32.00 and gave the company an “outperform” rating in a Wednesday, July 27 research note. Raymond James lowered his price target on Cadence Bank from $35.00 to $32.00 and set a “Strong Buy” rating on the stock in a Thursday July 7 research note. Finally, Jefferies Financial Group reduced its price target on Cadence Bank from $28.00 to $26.00 in a Monday, July 11 research note. Four equity research analysts gave the stock a buy rating and one gave the stock a strong buy rating. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $31.33.

Cadence Bank Profile

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Cadence Bank provides commercial banking and financial services in the United States. Its products and services include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, corporate and business banking, cash management, specialty and asset-based lending, commercial real estate, equipment finance and correspondent banking.

See also

Want to see which other hedge funds hold CADE? Visit HoldingsChannel.com for the latest 13F filings and insider trading for Cadence Bank (NYSE:CADE – Get Rating).

Institutional ownership by quarter for Cadence Bank (NYSE:CADE)



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