Halter Ferguson Financial Inc. Invests $3.02 Million in Cadence Bank (NYSE:CADE)

Halter Ferguson Financial Inc. purchased a new position in shares of Cadence Bank (NYSE:CADE) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 102,161 shares of the company’s stock, valued at approximately $3,023,000. Cadence Bank comprises 1.9% of Halter Ferguson Financial Inc.’s holdings, making the stock its 12th largest position.

A number of other institutional investors and hedge funds also recently made changes to their positions in CADE. Allspring Global Investments Holdings LLC increased its holdings in Cadence Bank by 8.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock worth $142,000 after buying an additional 524 shares during the last quarter. Fifth Third Bancorp increased its holdings in Cadence Bank by 165.8% during the third quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock worth $31,000 after buying an additional 905 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Cadence Bank by 28.4% during the third quarter. Nisa Investment Advisors LLC now owns 44,223 shares of the company’s stock worth $938,000 after buying an additional 9,778 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Cadence Bank by 2.9% during the third quarter. Principal Financial Group Inc. now owns 760,885 shares of the company’s stock worth $16,146,000 after buying an additional 21,781 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new stake in Cadence Bank during the third quarter worth about $394,000. Institutional investors own 84.61% of the company’s stock.

Analysts Set New Price Targets

CADE has been the topic of a number of analyst reports. Truist Financial upped their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Raymond James decreased their target price on shares of Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 31st. Barclays upped their target price on shares of Cadence Bank from $28.00 to $29.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 24th. Jefferies Financial Group cut their price target on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a research note on Monday, April 8th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $31.00 price target on shares of Cadence Bank in a research note on Tuesday, April 9th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $31.09.

Cadence Bank Stock Performance

Shares of CADE traded up $0.51 on Friday, reaching $28.27. The company’s stock had a trading volume of 577,786 shares, compared to its average volume of 1,306,130. Cadence Bank has a 12-month low of $17.76 and a 12-month high of $31.45. The stock has a market capitalization of $5.15 billion, a P/E ratio of 9.03 and a beta of 1.01. The stock’s 50 day simple moving average is $28.25 and its two-hundred day simple moving average is $27.63. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85.

Cadence Bank (NYSE:CADE) last posted its earnings results on Friday, April 26th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The firm had revenue of $437.69 million during the quarter, compared to analyst estimates of $427.18 million. During the same period last year, the firm posted $0.68 earnings per share. Cadence Bank’s revenue for the quarter was up 12.6% compared to the same quarter last year. Research analysts forecast that Cadence Bank will post 2.48 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date is Friday, June 14th. Cadence Bank’s dividend payout ratio is currently 31.95%.

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.