Gilliland Jeter Wealth Management LLC Invests $986,000 in Cadence Bank (NYSE:CADE)

Gilliland Jeter Wealth Management LLC bought a new position in Cadence Bank (NYSE:CADE) during the fourth quarter, Holdings Channel.com reports. The firm bought 33,306 shares of the company’s stock, valued at approximately $986,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CADE. Fifth Third Bancorp raised its holdings in shares of Cadence Bank by 165.8% in the 3rd quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock worth $31,000 after purchasing an additional 905 shares during the period. Wolverine Asset Management LLC raised its holdings in shares of Cadence Bank by 952.0% in the 4th quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after purchasing an additional 952 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Cadence Bank by 8.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock worth $142,000 after purchasing an additional 524 shares during the period. Hardy Reed LLC bought a new stake in shares of Cadence Bank in the 3rd quarter worth approximately $203,000. Finally, Moody Lynn & Lieberson LLC bought a new stake in shares of Cadence Bank in the 4th quarter worth approximately $205,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. DA Davidson reaffirmed a “buy” rating on shares of Cadence Bank in a report on Monday, January 15th. Morgan Stanley lifted their price target on shares of Cadence Bank from $24.00 to $27.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Truist Financial boosted their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the company a “buy” rating in a report on Monday, April 1st. Raymond James lowered 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. Finally, Barclays boosted their target price on shares of Cadence Bank from $28.00 to $29.00 and gave the company an “equal weight” rating in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $31.09.

Cadence Bank Trading Down 0.1 %

Shares of NYSE:CADE traded down $0.04 during midday trading on Friday, hitting $29.02. 1,038,673 shares of the stock traded hands, compared to its average volume of 1,156,503. The stock has a market capitalization of $5.30 billion, a PE ratio of 9.27 and a beta of 1.02. The business’s 50 day moving average is $27.74 and its two-hundred day moving average is $26.64. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. Cadence Bank has a one year low of $16.95 and a one year high of $31.45.

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

Cadence Bank Announces Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend is Friday, June 14th. Cadence Bank’s dividend payout ratio (DPR) is 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.