Jennison Associates LLC Takes a Bite Out of Cadence Bank (NYSE:CADE)
Jennison Associates LLC has recently acquired a new stake in shares of Cadence Bank (NYSE:CADE) during the fourth quarter, as per its most recent 13F filing with the Securities and Exchange Commission (SEC). With an institutional acquisition of 26,875 shares valued at approximately $663,000, Jennison is off to a good start in building up a strong position within Cadence’s financial portfolio.
Headquartered in Birmingham, Alabama, Cadence stands as one of the South’s leading banking institutions, offering numerous services and products spanning from consumer banking to personal and business insurance. While some investors may be quick to dismiss banks as financially volatile options due to political instability or market shifts, others understand the long-term potential offered by extensive industry expertise and experience.
At quarter-end on March 31st, Cadence reported earnings per share (EPS) for the first quarter of $0.68. This EPS exceeded analyst estimates predicting $0.66 by $0.02 – marking an encouraging growth rate for both company executives and the current slate of shareholders eagerly awaiting financial results.
Cadence’s robust revenue numbers equally played a role in boosting investor confidence, notably coming in at an impressive $600.20 million for Q1 2017 – beating other analyst estimates that had predicted revenue at only $456.09 million.
As we inch closer toward the mid-year point, several factors stand poised to affect the overall outlook of broad banking portfolios across America’s southeast region. The threat of future interest rate changes looms large among these factors while labor markets continue to tighten considerably throughout states like Florida and Georgia.
Still, despite what many may perceive as potentially hazardous market conditions on the horizon, analysts are forecasting that Cadence Bank will post strong average growth rates this year with expected earnings per share around 2.7 for the current fiscal cycle.
In a market environment where both domestic and foreign politics have led to increasingly wild economic fluctuations, Cadence Bank is successfully navigating industry pitfalls and reaping astounding rewards. With its extensive array of product offerings alongside an experienced in-house team of professionals, Cadence Bank is poised for continued success – one stock purchase at a time.
Cadence Bank: A Promising Choice for Comprehensive Financial Solutions[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”CADE” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]
Cadence Bank: A Promising Solution for Banking and Financial Needs
Cadence Bank is a well-recognized financial institution in the United States, providing excellent banking and financial solutions to consumers, businesses, and corporations. The company offers diverse services and products that cater to various needs such as consumer banking, loans, mortgages, credit cards, commercial and business banking, treasury management, lending, asset-based lending, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services; personal and business insurance; financial planning; retirement plan management.
The company has attracted several investors recently due to the positive growth it has shown in recent months. Several hedge funds have modified their holdings of the stock recently. Dimensional Fund Advisors LP acquired additional shares of Cadence Bank by increasing its holdings by 9.8% during Q4 2020. Goldman Sachs Group Inc. boosted its position by 6.2% during Q1 2021 while Price T Rowe Associates Inc. MD increased its position by 12.8% during Q2 2021. Nuveen Asset Management LLC also acquired additional shares by increasing its position by 17.2% during Q3 2021 while Fisher Asset Management LLC increased its position by12.3% during Q4 2020.
Shares of NYSE:CADE opened at $18.83 on Friday which is promising enough considering Cadence Bank has a 1-year low of $16.95 and a high of $29.41 with a market capitalization of $2.05 billion and price-to-earnings ratio of 8.33 along with a beta of 0 .96.Its debt-to-equity ratio is 0 .11 along with the current ratio at 0 .79 while the quick ratio stands at 0 .78.Currently having a dividend payout ratio of approximately 42%, the bank also recently announced to pay its quarterly dividend of $0.235 which is relatively more than what was paid last year and a yield of 4.99% will be observed on Monday, July 3rd.
Several equities research analysts such as Keefe, Bruyette & Woods, Morgan Stanley, Stephens, TheStreet, and Truist Financial recently commented on the performance of Cadence Bank. Keefe, Bruyette & Woods even gave a target price reduction from $32.00 to $28.00 marking it as “Moderate Buy” rating for Cadence Bank with an outperform rating while Morgan Stanley rated it equal-weight with a target price regression of $23.00 highlighting its stability despite wavering stock prices.Trust Financial rated it as “Buy” giving a reduced target price of $25 in contrast to Stephens who marked it as “Overweight” issuing an elevated target price of $32 while TheStreet rated it lowered marking it as C+.
Overall, based on data from Bloomberg and the remarks by various investors and investment services analysts over the years, we can conclude that Cadence Bank indeed displays promising prospects for anyone looking for better financial solutions catering to their specific requirements and needs.