FMR LLC increased its stake in Cadence Bank (NYSE:CADE - Free Report) by 1.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,423,050 shares of the company's stock after buying an additional 195,773 shares during the period. FMR LLC owned about 9.01% of Cadence Bank worth $523,074,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd acquired a new stake in Cadence Bank during the third quarter valued at approximately $492,000. Algert Global LLC increased its holdings in shares of Cadence Bank by 2.8% in the 3rd quarter. Algert Global LLC now owns 18,920 shares of the company's stock valued at $603,000 after acquiring an additional 522 shares during the last quarter. Cerity Partners LLC raised its position in shares of Cadence Bank by 31.2% during the 3rd quarter. Cerity Partners LLC now owns 64,377 shares of the company's stock valued at $2,050,000 after acquiring an additional 15,312 shares in the last quarter. Citigroup Inc. lifted its stake in Cadence Bank by 14.5% during the third quarter. Citigroup Inc. now owns 296,511 shares of the company's stock worth $9,444,000 after purchasing an additional 37,586 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Cadence Bank by 4.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,242,486 shares of the company's stock worth $71,423,000 after purchasing an additional 105,231 shares during the period. 84.61% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of analysts have weighed in on CADE shares. Royal Bank of Canada increased 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. Truist Financial raised their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. DA Davidson lifted their target price on Cadence Bank from $36.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Barclays increased their price target on Cadence Bank from $35.00 to $37.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 23rd. Finally, Morgan Stanley upgraded Cadence Bank from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $36.00 to $39.00 in a research report on Monday, September 30th. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $35.29.
Read Our Latest Research Report on CADE
Cadence Bank Price Performance
Shares of NYSE:CADE traded down $0.12 during trading on Friday, reaching $38.19. The company had a trading volume of 537,797 shares, compared to its average volume of 1,322,597. The firm's fifty day moving average is $34.49 and its 200 day moving average is $31.49. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market capitalization of $6.96 billion, a PE ratio of 10.97 and a beta of 0.95. Cadence Bank has a twelve month low of $24.74 and a twelve month high of $40.20.
Cadence Bank (NYSE:CADE - Get Free Report) last released its earnings results on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.64 by $0.09. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The firm had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. During the same period in the prior year, the firm posted $0.56 earnings per share. The firm's revenue for the quarter was up 11.0% compared to the same quarter last year. On average, equities analysts forecast that Cadence Bank will post 2.71 EPS for the current year.
Cadence Bank Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 annualized dividend and a yield of 2.62%. Cadence Bank's dividend payout ratio is currently 28.74%.
Cadence Bank Profile
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Free Report)
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.
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