Cadence Bank (NYSE:CADE) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC grew its position in Cadence Bank (NYSE:CADE) by 0.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,362,543 shares of the company’s stock after acquiring an additional 39,679 shares during the quarter. Geode Capital Management LLC’s holdings in Cadence Bank were worth $138,974,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its stake in Cadence Bank by 10.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 70,493 shares of the company’s stock valued at $1,994,000 after purchasing an additional 6,685 shares during the last quarter. Raymond James & Associates grew its position in shares of Cadence Bank by 0.7% during the 2nd quarter. Raymond James & Associates now owns 256,623 shares of the company’s stock valued at $7,257,000 after buying an additional 1,833 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Cadence Bank by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock worth $59,071,000 after acquiring an additional 36,323 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Cadence Bank by 4.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,534 shares of the company’s stock worth $1,175,000 after acquiring an additional 1,656 shares during the last quarter. Finally, Innealta Capital LLC acquired a new position in Cadence Bank in the second quarter valued at approximately $138,000. 84.61% of the stock is owned by institutional investors and hedge funds.

Cadence Bank Trading Up 0.7 %

Shares of CADE stock opened at $36.64 on Tuesday. The stock has a 50-day simple moving average of $35.80 and a 200 day simple moving average of $32.19. The stock has a market capitalization of $6.68 billion, a P/E ratio of 10.53 and a beta of 0.98. Cadence Bank has a fifty-two week low of $24.99 and a fifty-two week high of $40.20. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The company had revenue of $447.36 million during the quarter, compared to analyst estimates of $450.97 million. During the same quarter last year, the firm posted $0.56 EPS. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, sell-side analysts expect that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.73%. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CADE shares. Truist Financial increased their target price on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods increased their price objective on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. DA Davidson boosted their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada raised their price target on shares of Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Finally, Barclays boosted their price objective on Cadence Bank from $37.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Cadence Bank presently has an average rating of “Moderate Buy” and an average target price of $36.63.

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.