SouthState Bank Corp Invests $2.21 Million in Cadence Bank $CADE

SouthState Bank Corp acquired a new stake in shares of Cadence Bank (NYSE:CADE) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 58,908 shares of the company’s stock, valued at approximately $2,211,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Bessemer Group Inc. increased its position in Cadence Bank by 15.6% in the third quarter. Bessemer Group Inc. now owns 745,005 shares of the company’s stock worth $27,967,000 after purchasing an additional 100,646 shares during the last quarter. Savant Capital LLC grew its stake in shares of Cadence Bank by 2.8% in the 3rd quarter. Savant Capital LLC now owns 24,481 shares of the company’s stock worth $919,000 after buying an additional 664 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Cadence Bank by 7.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 70,409 shares of the company’s stock worth $2,643,000 after buying an additional 5,057 shares during the last quarter. Hantz Financial Services Inc. raised its position in shares of Cadence Bank by 126.1% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,341 shares of the company’s stock valued at $50,000 after buying an additional 748 shares in the last quarter. Finally, Jackson Creek Investment Advisors LLC bought a new position in shares of Cadence Bank in the 3rd quarter valued at about $1,810,000. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Price Performance

Shares of CADE stock opened at $42.14 on Friday. The company has a market capitalization of $7.68 billion, a P/E ratio of 14.94 and a beta of 0.95. The company’s 50-day simple moving average is $43.24 and its two-hundred day simple moving average is $39.22. Cadence Bank has a one year low of $25.22 and a one 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 for the quarter, beating the consensus estimate of $0.79 by $0.06. Cadence Bank had a net margin of 18.12% and a return on equity of 10.16%. The firm had revenue of $528.41 million during the quarter, compared to the consensus estimate of $525.15 million. During the same quarter in the previous year, the firm posted $0.70 earnings per share. As a group, equities analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

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

Analyst Ratings Changes

CADE has been the topic of a number of recent research reports. Keefe, Bruyette & Woods downgraded Cadence Bank from a “moderate buy” rating to a “hold” rating and upped their price objective for the company from $41.00 to $49.00 in a research report on Monday, November 3rd. Morgan Stanley downgraded Cadence Bank from an “overweight” rating to a “sell” rating in a research report on Tuesday, October 28th. Stephens cut shares of Cadence Bank from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, October 28th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cadence Bank in a research note on Wednesday, January 21st. Finally, Piper Sandler set a $40.00 price target on shares of Cadence Bank and gave the stock a “neutral” rating in a research note on Monday, October 27th. Two analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Cadence Bank presently has an average rating of “Hold” and an average target price of $42.88.

Cadence Bank Company Profile

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.