Citigroup Inc. Has $9.44 Million Stake in Cadence Bank (NYSE:CADE)

Citigroup Inc. increased its stake in Cadence Bank (NYSE:CADE - Free Report) by 14.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 296,511 shares of the company's stock after purchasing an additional 37,586 shares during the period. Citigroup Inc. owned 0.16% of Cadence Bank worth $9,444,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new stake in shares of Cadence Bank in the 3rd quarter valued at $25,000. GAMMA Investing LLC increased its position in Cadence Bank by 77.0% in the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company's stock worth $28,000 after purchasing an additional 436 shares during the period. Innealta Capital LLC acquired a new stake in Cadence Bank in the second quarter worth about $138,000. KBC Group NV lifted its position in Cadence Bank by 11.5% during the 3rd quarter. KBC Group NV now owns 5,036 shares of the company's stock valued at $160,000 after purchasing an additional 519 shares during the period. Finally, Americana Partners LLC acquired a new position in Cadence Bank during the 3rd quarter valued at about $201,000. Institutional investors own 84.61% of the company's stock.

Cadence Bank Stock Down 0.3 %

Shares of NYSE:CADE traded down $0.12 during trading on Friday, hitting $38.19. 537,797 shares of the company's stock traded hands, compared to its average volume of 1,322,597. The company has a 50-day moving average price of $34.49 and a 200-day moving average price of $31.49. Cadence Bank has a 52 week low of $24.74 and a 52 week high of $40.20. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The company has a market cap of $6.96 billion, a price-to-earnings ratio of 10.97 and a beta of 0.95.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The firm had revenue of $447.36 million for the quarter, compared to analyst estimates of $450.97 million. During the same quarter in the previous year, the firm posted $0.56 earnings per share. The business's revenue was up 11.0% on a year-over-year basis. As a group, research analysts forecast that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank's dividend payout ratio (DPR) is presently 28.74%.

Analyst Ratings Changes

CADE has been the subject of a number of recent research reports. DA Davidson boosted their price target on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Morgan Stanley raised shares of Cadence Bank from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $36.00 to $39.00 in a report on Monday, September 30th. Barclays increased their price target on Cadence Bank from $35.00 to $37.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 23rd. Truist Financial lifted their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Finally, Royal Bank of Canada increased their target price on Cadence Bank from $35.00 to $36.00 and gave the company a "sector perform" rating in a research note on Wednesday, October 23rd. Five equities research 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 stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $35.29.

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.