Charles Schwab Investment Management Inc. Acquires 12,309 Shares of Cadence Bank (NYSE:CADE)

Charles Schwab Investment Management Inc. raised its stake in Cadence Bank (NYSE:CADE - Free Report) by 0.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,254,795 shares of the company's stock after buying an additional 12,309 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.24% of Cadence Bank worth $77,678,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. FMR LLC grew its stake in Cadence Bank by 1.2% during the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company's stock valued at $523,074,000 after acquiring an additional 195,773 shares in the last quarter. State Street Corp boosted its holdings in Cadence Bank by 1.9% in the third quarter. State Street Corp now owns 8,872,085 shares of the company's stock worth $284,759,000 after purchasing an additional 165,282 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Cadence Bank by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company's stock valued at $138,974,000 after acquiring an additional 39,679 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in Cadence Bank by 7.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,234,733 shares of the company's stock valued at $76,986,000 after purchasing an additional 151,215 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Cadence Bank by 3.5% in the 4th quarter. Bank of New York Mellon Corp now owns 1,836,594 shares of the company's stock worth $63,271,000 after acquiring an additional 62,026 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

A number of research firms have issued reports on CADE. Morgan Stanley lowered their target price on Cadence Bank from $46.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday. Keefe, Bruyette & Woods boosted 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. Royal Bank of Canada reiterated a "sector perform" rating and issued a $38.00 target price on shares of Cadence Bank in a research note on Friday, January 24th. Citigroup boosted their price target on Cadence Bank from $37.00 to $38.00 and gave the company a "neutral" rating in a research note on Monday, January 27th. Finally, Stephens reaffirmed an "overweight" rating and issued a $42.00 target price on shares of Cadence Bank in a research report on Thursday, January 23rd. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $38.77.

Cadence Bank Stock Performance

Shares of NYSE:CADE traded up $0.76 on Friday, hitting $29.85. The stock had a trading volume of 978,034 shares, compared to its average volume of 1,189,767. The firm's 50 day moving average price is $33.96 and its 200-day moving average price is $34.12. Cadence Bank has a twelve month low of $26.16 and a twelve month high of $40.20. The company has a market capitalization of $5.44 billion, a price-to-earnings ratio of 10.78 and a beta of 0.96.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its earnings results 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 posted $0.40 EPS. As a group, sell-side analysts predict 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. Stockholders of record on Friday, March 14th will be paid a $0.275 dividend. The ex-dividend date is Friday, March 14th. This is a positive change from Cadence Bank's previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.69%. Cadence Bank's dividend payout ratio (DPR) is 39.71%.

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.