Cibc World Markets Corp Purchases Shares of 17,049 Cadence Bank (NYSE:CADE)

Cibc World Markets Corp acquired a new stake in shares of Cadence Bank (NYSE:CADE - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 17,049 shares of the company's stock, valued at approximately $587,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in CADE. Oregon Public Employees Retirement Fund raised its holdings in shares of Cadence Bank by 0.8% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 37,274 shares of the company's stock valued at $1,284,000 after acquiring an additional 300 shares during the period. GAMMA Investing LLC boosted its stake in Cadence Bank by 19.3% in the 4th quarter. GAMMA Investing LLC now owns 1,862 shares of the company's stock worth $64,000 after purchasing an additional 301 shares during the period. Ironwood Investment Management LLC grew its position in Cadence Bank by 1.2% during the 4th quarter. Ironwood Investment Management LLC now owns 30,170 shares of the company's stock worth $1,039,000 after purchasing an additional 354 shares in the last quarter. Arizona State Retirement System raised its stake in Cadence Bank by 0.8% during the 4th quarter. Arizona State Retirement System now owns 53,034 shares of the company's stock valued at $1,827,000 after purchasing an additional 415 shares during the period. Finally, Algert Global LLC lifted its holdings in shares of Cadence Bank by 2.8% in the third quarter. Algert Global LLC now owns 18,920 shares of the company's stock valued at $603,000 after purchasing an additional 522 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Cadence Bank Price Performance

Shares of CADE stock traded down $0.06 on Wednesday, hitting $31.09. The company's stock had a trading volume of 798,528 shares, compared to its average volume of 1,181,667. Cadence Bank has a fifty-two week low of $26.16 and a fifty-two week high of $40.20. The firm's fifty day moving average price is $33.22 and its 200-day moving average price is $34.04. The stock has a market capitalization of $5.67 billion, a price-to-earnings ratio of 11.22 and a beta of 0.96.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share (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 quarter in the prior year, the firm posted $0.40 earnings per share. Analysts predict that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.54%. The ex-dividend date is Friday, March 14th. This is an increase from Cadence Bank's previous quarterly dividend of $0.25. Cadence Bank's dividend payout ratio (DPR) is 39.71%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CADE. Keefe, Bruyette & Woods lifted their price target on Cadence Bank from $38.00 to $45.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. Barclays raised Cadence Bank from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $41.00 to $44.00 in a research note on Thursday, December 19th. Morgan Stanley dropped 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, March 13th. Royal Bank of Canada restated a "sector perform" rating and set a $38.00 price target on shares of Cadence Bank in a report on Friday, January 24th. Finally, Stephens reiterated an "overweight" rating and issued a $42.00 price objective on shares of Cadence Bank in a research note on Thursday, January 23rd. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $38.77.

Cadence Bank 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.