Sheets Smith Wealth Management Has $575,000 Holdings in Cadence Bank (NYSE:CADE)

Sheets Smith Wealth Management lifted its position in shares of Cadence Bank (NYSE:CADE) by 4.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 16,694 shares of the company’s stock after purchasing an additional 719 shares during the period. Sheets Smith Wealth Management’s holdings in Cadence Bank were worth $575,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC boosted its stake in Cadence Bank by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock valued at $138,974,000 after purchasing an additional 39,679 shares during the last quarter. Cerity Partners LLC boosted its position in shares of Cadence Bank by 31.2% during the third quarter. Cerity Partners LLC now owns 64,377 shares of the company’s stock valued at $2,050,000 after buying an additional 15,312 shares during the last quarter. Stifel Financial Corp boosted its position in shares of Cadence Bank by 18.1% during the third quarter. Stifel Financial Corp now owns 21,034 shares of the company’s stock valued at $670,000 after buying an additional 3,218 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in Cadence Bank by 16.3% during 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. Finally, Franklin Resources Inc. purchased a new stake in Cadence Bank in the 3rd quarter valued at $947,000. 84.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CADE shares. Truist Financial lifted their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $36.00 to $39.00 in a report on Monday, September 30th. DA Davidson increased their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their target price on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Royal Bank of Canada upped their target price on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Cadence Bank has an average rating of “Moderate Buy” and a consensus target price of $37.32.

Cadence Bank Price Performance

Shares of NYSE CADE opened at $35.93 on Thursday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The stock has a fifty day simple moving average of $36.11 and a two-hundred day simple moving average of $33.46. Cadence Bank has a 1-year low of $24.99 and a 1-year high of $40.20. The firm has a market cap of $6.55 billion, a price-to-earnings ratio of 10.32 and a beta of 1.00.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.02. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. During the same quarter in the prior year, the business posted $0.40 earnings per share. Analysts anticipate that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 20th. Stockholders of record on Wednesday, February 5th will be paid a $0.275 dividend. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a dividend yield of 3.06%. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

Cadence Bank Company 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.