Linscomb Wealth Inc. Decreases Position in Cadence Bank (NYSE:CADE)

Linscomb Wealth Inc. lowered its holdings in Cadence Bank (NYSE:CADE) by 26.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,180 shares of the company’s stock after selling 8,050 shares during the period. Linscomb Wealth Inc.’s holdings in Cadence Bank were worth $706,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CADE. V Square Quantitative Management LLC purchased a new position in Cadence Bank in the third quarter valued at about $25,000. GAMMA Investing LLC raised its stake in Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after buying an additional 436 shares in the last quarter. Innealta Capital LLC acquired a new stake in Cadence Bank during the second quarter valued at approximately $138,000. KBC Group NV raised its stake in Cadence Bank by 11.5% during the third quarter. KBC Group NV now owns 5,036 shares of the company’s stock valued at $160,000 after buying an additional 519 shares in the last quarter. Finally, Americana Partners LLC acquired a new stake in Cadence Bank during the third quarter valued at approximately $201,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Cadence Bank Price Performance

CADE opened at $37.69 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. Cadence Bank has a 12-month low of $24.15 and a 12-month high of $39.79. The stock has a fifty day moving average of $33.14 and a 200-day moving average of $30.85. The firm has a market capitalization of $6.87 billion, a P/E ratio of 10.83 and a beta of 0.95.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.09. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The business had revenue of $447.36 million during the quarter, compared to analyst estimates of $450.97 million. During the same period last year, the company earned $0.56 earnings per share. Cadence Bank’s quarterly revenue was up 11.0% compared to the same quarter last year. Equities analysts forecast that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 annualized dividend and a dividend yield of 2.65%. Cadence Bank’s dividend payout ratio is 28.74%.

Analysts Set New Price Targets

Several analysts have issued reports on CADE shares. Hovde Group upped their price objective on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Stephens reiterated an “overweight” rating and set a $35.00 price target on shares of Cadence Bank in a research report on Tuesday, July 23rd. Barclays increased their price target on Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada increased their price target on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd. Finally, Truist Financial increased their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.29.

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.