Cadence Bank (NYSE:CADE) Position Boosted by Ranger Investment Management L.P.

Ranger Investment Management L.P. grew its holdings in Cadence Bank (NYSE:CADE) by 59.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,054,575 shares of the company’s stock after purchasing an additional 393,037 shares during the period. Cadence Bank comprises 1.9% of Ranger Investment Management L.P.’s portfolio, making the stock its 22nd largest holding. Ranger Investment Management L.P. owned about 0.58% of Cadence Bank worth $31,205,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Wolverine Asset Management LLC lifted its position in Cadence Bank by 952.0% in the 4th quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after buying an additional 952 shares in the last quarter. Moody Lynn & Lieberson LLC acquired a new position in shares of Cadence Bank in the fourth quarter worth $205,000. Teton Advisors Inc. purchased a new stake in shares of Cadence Bank during the fourth quarter worth $213,000. Precedent Wealth Partners LLC acquired a new stake in Cadence Bank during the fourth quarter valued at $223,000. Finally, Vest Financial LLC purchased a new position in Cadence Bank in the fourth quarter valued at about $230,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods raised their price target on Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Jefferies Financial Group decreased their target price on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Monday, April 8th. Barclays increased their price target on shares of Cadence Bank from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $31.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 9th. Finally, Hovde Group raised shares of Cadence Bank from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $32.50 to $33.00 in a research report on Wednesday, April 24th. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $31.09.

Cadence Bank Stock Performance

NYSE CADE traded down $0.06 during trading on Friday, hitting $28.36. The company’s stock had a trading volume of 1,935,772 shares, compared to its average volume of 1,052,537. Cadence Bank has a 52 week low of $18.97 and a 52 week high of $31.45. The firm has a market cap of $5.17 billion, a P/E ratio of 9.06 and a beta of 0.99. The firm has a 50 day moving average price of $28.28 and a 200 day moving average price of $28.02. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09.

Cadence Bank (NYSE:CADE) last posted its earnings results on Friday, April 26th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The business had revenue of $437.69 million for the quarter, compared to analysts’ expectations of $427.18 million. During the same quarter in the previous year, the firm posted $0.68 earnings per share. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. Equities research analysts forecast that Cadence Bank will post 2.48 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.53%. The ex-dividend date is Friday, June 14th. Cadence Bank’s payout ratio is 31.95%.

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.