King Luther Capital Management Corp Buys 1,012 Shares of Cadence Bank (NYSE:CADE)

King Luther Capital Management Corp grew its stake in Cadence Bank (NYSE:CADE) by 0.8% during the 4th quarter, HoldingsChannel reports. The fund owned 126,436 shares of the company’s stock after purchasing an additional 1,012 shares during the quarter. King Luther Capital Management Corp’s holdings in Cadence Bank were worth $4,356,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in shares of Cadence Bank by 0.9% in the third quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock worth $138,974,000 after purchasing an additional 39,679 shares during the last quarter. Cerity Partners LLC raised its stake in shares of Cadence Bank by 31.2% in the third quarter. Cerity Partners LLC now owns 64,377 shares of the company’s stock worth $2,050,000 after purchasing an additional 15,312 shares during the last quarter. Stifel Financial Corp raised its stake in shares of Cadence Bank by 18.1% in the third quarter. Stifel Financial Corp now owns 21,034 shares of the company’s stock worth $670,000 after purchasing an additional 3,218 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of Cadence Bank by 16.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after purchasing an additional 291,885 shares during the last quarter. Finally, Franklin Resources Inc. purchased a new position in shares of Cadence Bank in the third quarter worth $947,000. 84.61% of the stock is owned by institutional investors.

Cadence Bank Stock Down 0.1 %

NYSE CADE opened at $29.42 on Thursday. The stock’s 50-day moving average price is $33.96 and its 200-day moving average price is $34.12. Cadence Bank has a 52 week low of $26.16 and a 52 week high of $40.20. The company has a market capitalization of $5.36 billion, a P/E ratio of 10.62 and a beta of 0.96.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.68 by $0.02. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period in the prior year, the company earned $0.40 EPS. Research analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, March 14th. This represents a $1.10 annualized dividend and a dividend yield of 3.74%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio (DPR) is currently 39.71%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Keefe, Bruyette & Woods boosted their price target on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Stephens restated an “overweight” rating and issued a $42.00 price target on shares of Cadence Bank in a research note on Thursday, January 23rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $38.00 target price on shares of Cadence Bank in a report on Friday, January 24th. Barclays raised Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $41.00 to $44.00 in a report on Thursday, December 19th. Finally, Citigroup increased their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $38.50.

Cadence Bank Company 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.