Avantax Planning Partners Inc. Makes New $234,000 Investment in Cadence Bank (NYSE:CADE)

Avantax Planning Partners Inc. bought a new stake in Cadence Bank (NYSE:CADE) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 7,913 shares of the company’s stock, valued at approximately $234,000.

A number of other institutional investors also recently added to or reduced their stakes in CADE. Norges Bank purchased a new position in shares of Cadence Bank in the 4th quarter valued at about $60,490,000. Wellington Management Group LLP grew its stake in Cadence Bank by 15.7% during the 3rd quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock worth $166,110,000 after buying an additional 1,063,055 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Cadence Bank by 81.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock valued at $45,344,000 after acquiring an additional 687,025 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Cadence Bank by 4.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock worth $273,421,000 after acquiring an additional 376,989 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Cadence Bank by 35.7% in the 3rd quarter. American Century Companies Inc. now owns 1,258,097 shares of the company’s stock valued at $26,697,000 after acquiring an additional 331,097 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CADE shares. Stephens reissued an “overweight” rating and set a $33.00 price target on shares of Cadence Bank in a report on Tuesday, April 23rd. Truist Financial raised their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. TheStreet lowered shares of Cadence Bank from a “b” rating to a “c” rating in a research note on Tuesday, January 30th. Royal Bank of Canada restated a “sector perform” rating and issued a $31.00 price target on shares of Cadence Bank in a research note on Tuesday, April 9th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Bank presently has an average rating of “Moderate Buy” and an average price target of $31.09.

Cadence Bank Price Performance

Shares of Cadence Bank stock traded up $0.51 during trading on Friday, hitting $28.27. 577,786 shares of the company were exchanged, compared to its average volume of 1,019,462. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The firm has a 50 day moving average price of $28.28 and a 200 day moving average price of $27.66. The stock has a market capitalization of $5.15 billion, a price-to-earnings ratio of 9.03 and a beta of 1.01. Cadence Bank has a fifty-two week low of $17.76 and a fifty-two week high of $31.45.

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

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders 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 presently 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.