KLP Kapitalforvaltning AS Acquires Shares of 37,128 Cadence Bank (NYSE:CADE)

KLP Kapitalforvaltning AS purchased a new stake in Cadence Bank (NYSE:CADE - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 37,128 shares of the company's stock, valued at approximately $1,287,000.

Several other institutional investors have also recently made changes to their positions in the stock. Citigroup Inc. increased its position in Cadence Bank by 14.5% in the 3rd quarter. Citigroup Inc. now owns 296,511 shares of the company's stock valued at $9,444,000 after buying an additional 37,586 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of Cadence Bank by 31.2% during the third 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. Algert Global LLC raised its position in shares of Cadence Bank by 2.8% during the third quarter. Algert Global LLC now owns 18,920 shares of the company's stock worth $603,000 after purchasing an additional 522 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in shares of Cadence Bank in the 3rd quarter worth $492,000. Finally, FMR LLC grew its position in Cadence Bank by 1.2% in the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company's stock valued at $523,074,000 after purchasing an additional 195,773 shares during the period. Institutional investors and hedge funds own 84.61% of the company's stock.

Cadence Bank Trading Down 9.3 %

Shares of NYSE:CADE traded down $2.84 during midday trading on Thursday, reaching $27.62. The company had a trading volume of 1,730,752 shares, compared to its average volume of 1,246,044. The stock has a market cap of $5.03 billion, a P/E ratio of 9.97 and a beta of 0.87. The company's 50 day moving average price is $32.47 and its 200 day moving average price is $33.96. Cadence Bank has a 52-week low of $26.16 and a 52-week high of $40.20.

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Cadence Bank (NYSE:CADE - Get Free Report) last released its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same period in the previous year, the business earned $0.40 EPS. Research analysts forecast that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a $0.275 dividend. This is an increase from Cadence Bank's previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend was Friday, March 14th. Cadence Bank's dividend payout ratio (DPR) is currently 39.71%.

Analyst Ratings Changes

Several research firms have weighed in on CADE. Morgan Stanley lowered their price objective on shares of Cadence Bank from $46.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Hovde Group dropped their price target on shares of Cadence Bank from $40.00 to $35.00 and set a "market perform" rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods boosted their price objective on Cadence Bank from $38.00 to $45.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. Citigroup raised their target price on Cadence Bank from $37.00 to $38.00 and gave the company a "neutral" rating in a report on Monday, January 27th. Finally, Barclays upgraded Cadence Bank from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $41.00 to $44.00 in a report on Thursday, December 19th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Cadence Bank currently has an average rating of "Moderate Buy" and an average target price of $38.64.

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.