Geode Capital Management LLC Acquires 39,679 Shares of Cadence Bank (NYSE:CADE)

Geode Capital Management LLC lifted its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 0.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,362,543 shares of the company's stock after acquiring an additional 39,679 shares during the period. Geode Capital Management LLC owned approximately 2.39% of Cadence Bank worth $138,974,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. V Square Quantitative Management LLC acquired a new position in Cadence Bank during the third quarter worth about $25,000. Point72 Hong Kong Ltd bought a new position in Cadence Bank in the 3rd quarter valued at approximately $32,000. GAMMA Investing LLC boosted its position in Cadence Bank by 55.8% in the third quarter. GAMMA Investing LLC now owns 1,561 shares of the company's stock valued at $50,000 after buying an additional 559 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of Cadence Bank during the second quarter worth $138,000. Finally, KBC Group NV increased its holdings in shares of Cadence Bank by 11.5% during the third quarter. KBC Group NV now owns 5,036 shares of the company's stock worth $160,000 after buying an additional 519 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company's stock.

Cadence Bank Trading Down 2.5 %

Shares of Cadence Bank stock traded down $0.91 on Tuesday, reaching $35.72. 881,654 shares of the company's stock were exchanged, compared to its average volume of 1,298,650. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 52 week low of $24.99 and a 52 week high of $40.20. The firm's 50-day moving average is $35.80 and its two-hundred day moving average is $32.19. The company has a market capitalization of $6.51 billion, a P/E ratio of 10.53 and a beta of 0.98.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The business's revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.56 earnings per share. Sell-side analysts predict that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, December 13th. This represents a $1.00 annualized dividend and a dividend yield of 2.80%. Cadence Bank's dividend payout ratio is 28.74%.

Wall Street Analyst Weigh In

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

About Cadence Bank

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.