Journey Strategic Wealth LLC Invests $215,000 in Cadence Bank (NYSE:CADE)

Journey Strategic Wealth LLC purchased a new position in Cadence Bank (NYSE:CADE) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,241 shares of the company’s stock, valued at approximately $215,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CADE. Point72 Asset Management L.P. purchased a new position in shares of Cadence Bank in the third quarter worth about $11,727,000. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Cadence Bank by 16.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after buying an additional 291,885 shares in the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of Cadence Bank by 21.7% in the third quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock worth $42,396,000 after buying an additional 237,748 shares in the last quarter. FMR LLC lifted its stake in shares of Cadence Bank by 1.2% in the third quarter. FMR LLC now owns 16,423,050 shares of the company’s stock worth $523,074,000 after buying an additional 195,773 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Cadence Bank in the third quarter worth about $5,511,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Stock Performance

Cadence Bank stock opened at $34.37 on Tuesday. The company has a market capitalization of $6.26 billion, a price-to-earnings ratio of 12.41 and a beta of 0.99. The company’s 50 day simple moving average is $35.63 and its 200-day simple moving average is $33.76. Cadence Bank has a 1 year low of $24.99 and a 1 year high of $40.20.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same period in the previous year, the company earned $0.40 earnings per share. Equities analysts expect that Cadence Bank will post 2.92 earnings per share for the current year.

Cadence Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.20%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s payout ratio is 36.10%.

Analyst Ratings Changes

A number of brokerages have commented on CADE. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $38.00 target price on shares of Cadence Bank in a research note on Friday, January 24th. Stephens reaffirmed an “overweight” rating and set a $42.00 target price on shares of Cadence Bank in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods lifted their target price on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Citigroup lifted their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Finally, Truist Financial lifted their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $38.50.

Cadence Bank Profile

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.