EJF Capital LLC Invests $1.45 Million in Cadence Bank $CADE

EJF Capital LLC purchased a new stake in Cadence Bank (NYSE:CADE) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 38,638 shares of the company’s stock, valued at approximately $1,450,000.

Other institutional investors have also added to or reduced their stakes in the company. Rafferty Asset Management LLC grew its holdings in Cadence Bank by 44.9% during the 3rd quarter. Rafferty Asset Management LLC now owns 289,030 shares of the company’s stock valued at $10,850,000 after buying an additional 89,536 shares in the last quarter. Accredited Wealth Management LLC lifted its holdings in shares of Cadence Bank by 1,877.4% in the third quarter. Accredited Wealth Management LLC now owns 6,921 shares of the company’s stock worth $260,000 after buying an additional 6,571 shares in the last quarter. Xponance Inc. boosted its position in shares of Cadence Bank by 3.4% in the third quarter. Xponance Inc. now owns 26,411 shares of the company’s stock valued at $991,000 after acquiring an additional 859 shares during the period. Choreo LLC grew its stake in Cadence Bank by 8.6% during the third quarter. Choreo LLC now owns 9,450 shares of the company’s stock valued at $357,000 after acquiring an additional 750 shares in the last quarter. Finally, US Bancorp DE increased its holdings in Cadence Bank by 19.8% during the 3rd quarter. US Bancorp DE now owns 12,304 shares of the company’s stock worth $462,000 after acquiring an additional 2,030 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on CADE. Keefe, Bruyette & Woods cut shares of Cadence Bank from a “moderate buy” rating to a “hold” rating and increased their target price for the stock from $41.00 to $49.00 in a research note on Monday, November 3rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cadence Bank in a research report on Wednesday, January 21st. Two research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $42.88.

Cadence Bank Stock Down 1.6%

Shares of NYSE:CADE opened at $42.14 on Friday. The firm has a market capitalization of $7.68 billion, a PE ratio of 14.94 and a beta of 0.95. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.86 and a current ratio of 0.86. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $46.74. The firm has a fifty day moving average of $43.18 and a 200 day moving average of $40.05.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Thursday, January 22nd. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.06. Cadence Bank had a return on equity of 10.16% and a net margin of 18.12%.The firm had revenue of $528.41 million during the quarter, compared to analyst estimates of $525.15 million. During the same quarter in the previous year, the company posted $0.70 earnings per share. As a group, research analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Friday, January 30th were paid a $0.3438 dividend. This is an increase from Cadence Bank’s previous quarterly dividend of $0.28. This represents a $1.38 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Friday, January 30th. Cadence Bank’s payout ratio is currently 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.