Franklin Resources Inc. Invests $947,000 in Cadence Bank (NYSE:CADE)

Franklin Resources Inc. purchased a new position in Cadence Bank (NYSE:CADE - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 29,012 shares of the company's stock, valued at approximately $947,000.

Several other institutional investors also recently added to or reduced their stakes in CADE. Synovus Financial Corp purchased a new position in Cadence Bank in the third quarter valued at approximately $848,000. Tidal Investments LLC raised its stake in shares of Cadence Bank by 8.1% in the third quarter. Tidal Investments LLC now owns 9,769 shares of the company's stock valued at $311,000 after buying an additional 730 shares during the period. TD Private Client Wealth LLC raised its stake in shares of Cadence Bank by 23.0% in the third quarter. TD Private Client Wealth LLC now owns 4,954 shares of the company's stock valued at $158,000 after buying an additional 926 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in shares of Cadence Bank by 4.4% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 166,269 shares of the company's stock valued at $5,296,000 after buying an additional 6,992 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake 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 worth $138,974,000 after acquiring an additional 39,679 shares during the period. Institutional investors own 84.61% of the company's stock.

Cadence Bank Price Performance

Cadence Bank stock traded down $0.51 during midday trading on Friday, hitting $34.49. 736,823 shares of the company's stock were exchanged, compared to its average volume of 1,301,520. The stock has a 50-day moving average price of $36.21 and a two-hundred day moving average price of $32.57. Cadence Bank has a 52-week low of $24.99 and a 52-week high of $40.20. The company has a market cap of $6.28 billion, a P/E ratio of 9.91 and a beta of 0.98. 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 (NYSE:CADE - Get Free Report) last posted its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The company had revenue of $447.36 million for the quarter, compared to analysts' expectations of $450.97 million. During the same period in the prior year, the business earned $0.56 earnings per share. Cadence Bank's revenue for the quarter was up 11.0% compared to the same quarter last year. On average, equities research analysts forecast that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Dividend Announcement

The business 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date is Friday, December 13th. Cadence Bank's dividend payout ratio is currently 28.74%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CADE shares. Royal Bank of Canada boosted their price objective 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. Keefe, Bruyette & Woods boosted their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the company an "outperform" rating in a research report on Wednesday, December 4th. DA Davidson upped their price target on shares of Cadence Bank from $36.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Morgan Stanley upgraded shares of Cadence Bank from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Finally, Barclays upgraded Cadence Bank from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $41.00 to $44.00 in a research report on Thursday, December 19th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.88.

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.