Principal Financial Group Inc. Grows Holdings in Cadence Bank $CADE

Principal Financial Group Inc. grew its position in Cadence Bank (NYSE:CADE) by 3.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 612,541 shares of the company’s stock after acquiring an additional 21,948 shares during the period. Principal Financial Group Inc.’s holdings in Cadence Bank were worth $22,995,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of CADE. FNY Investment Advisers LLC acquired a new position in Cadence Bank in the 2nd quarter worth about $25,000. Mather Group LLC. purchased a new stake in shares of Cadence Bank in the third quarter valued at approximately $26,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Cadence Bank during the 3rd quarter worth approximately $38,000. Cullen Frost Bankers Inc. purchased a new position in shares of Cadence Bank during the 3rd quarter valued at approximately $39,000. Finally, Osaic Holdings Inc. grew its stake in Cadence Bank by 24.4% in the 2nd quarter. Osaic Holdings Inc. now owns 1,442 shares of the company’s stock valued at $46,000 after acquiring an additional 283 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Stephens cut shares of Cadence Bank from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, October 28th. Barclays cut shares of Cadence Bank from an “overweight” rating to a “hold” rating in a research note on Tuesday, October 28th. Royal Bank Of Canada raised shares of Cadence Bank from a “hold” rating to a “moderate buy” rating in a research note on Monday, October 27th. Keefe, Bruyette & Woods lowered Cadence Bank from a “moderate buy” rating to a “hold” rating and boosted their price objective for the stock from $41.00 to $49.00 in a research note on Monday, November 3rd. Finally, Piper Sandler set a $40.00 target price on Cadence Bank and gave the company a “neutral” rating in a report on Monday, October 27th. Two analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, Cadence Bank presently has an average rating of “Hold” and a consensus target price of $42.88.

Cadence Bank Trading Down 1.6%

CADE opened at $42.14 on Friday. The firm has a market capitalization of $7.68 billion, a price-to-earnings ratio of 14.94 and a beta of 0.95. The company’s 50 day simple moving average is $43.28 and its two-hundred day simple moving average is $39.30. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $46.74. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.86 and a quick ratio of 0.86.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Thursday, January 22nd. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.06. Cadence Bank had a return on equity of 10.16% and a net margin of 18.12%.The business had revenue of $528.41 million during the quarter, compared to analyst estimates of $525.15 million. During the same period in the prior year, the business earned $0.70 earnings per share. Analysts expect that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 20th. Stockholders of record on Friday, January 30th will be issued a dividend of $0.3438 per share. The ex-dividend date is Friday, January 30th. This represents a $1.38 annualized dividend and a dividend yield of 3.3%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.28. Cadence Bank’s payout ratio is presently 39.01%.

About Cadence Bank

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.