Gamco Investors INC. ET AL Boosts Stake in Cadence Bank $CADE

Gamco Investors INC. ET AL increased its holdings in shares of Cadence Bank (NYSE:CADE) by 77.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 148,550 shares of the company’s stock after acquiring an additional 64,690 shares during the period. Gamco Investors INC. ET AL’s holdings in Cadence Bank were worth $4,751,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of CADE. Wellington Management Group LLP grew its holdings in Cadence Bank by 7.8% in the first quarter. Wellington Management Group LLP now owns 13,481,585 shares of the company’s stock valued at $409,301,000 after purchasing an additional 980,369 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in shares of Cadence Bank by 0.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,520,057 shares of the company’s stock worth $167,589,000 after buying an additional 32,362 shares during the period. Geode Capital Management LLC lifted its position in shares of Cadence Bank by 2.5% during the 2nd quarter. Geode Capital Management LLC now owns 4,664,361 shares of the company’s stock valued at $149,182,000 after buying an additional 113,593 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its position in shares of Cadence Bank by 5.7% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 3,619,544 shares of the company’s stock valued at $109,889,000 after buying an additional 193,582 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its stake in Cadence Bank by 19.9% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,896,820 shares of the company’s stock valued at $92,640,000 after acquiring an additional 480,622 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Trading Up 0.5%

NYSE CADE opened at $41.70 on Wednesday. The stock has a fifty day simple moving average of $38.45 and a 200-day simple moving average of $35.92. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $42.24. The stock has a market cap of $7.60 billion, a PE ratio of 15.11 and a beta of 0.97.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, October 20th. The company reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.04. The company had revenue of $517.24 million for the quarter, compared to analysts’ expectations of $523.60 million. Cadence Bank had a return on equity of 9.97% and a net margin of 18.15%.During the same period in the prior year, the firm earned $0.73 earnings per share. Research analysts predict that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a dividend of $0.275 per share. The ex-dividend date is Monday, December 15th. This represents a $1.10 dividend on an annualized basis and a yield of 2.6%. Cadence Bank’s dividend payout ratio is 39.86%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods cut shares of Cadence Bank from a “moderate buy” rating to a “hold” rating and upped their price objective for the stock from $41.00 to $49.00 in a research report on Monday, November 3rd. Zacks Research downgraded shares of Cadence Bank from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Stephens cut Cadence Bank from an “overweight” rating to an “equal weight” rating in a report on Tuesday, October 28th. Piper Sandler set a $40.00 price objective on Cadence Bank and gave the stock a “neutral” rating in a research note on Monday, October 27th. Finally, Barclays downgraded Cadence Bank from an “overweight” rating to a “hold” rating in a research report on Tuesday, October 28th. Two research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Cadence Bank has an average rating of “Hold” and a consensus target price of $42.33.

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.