Cadence Bank (NYSE:CADE) Shares Bought by LPL Financial LLC

LPL Financial LLC increased its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 39.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 149,475 shares of the company's stock after acquiring an additional 42,097 shares during the period. LPL Financial LLC owned about 0.08% of Cadence Bank worth $5,149,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. State Street Corp boosted its stake in Cadence Bank by 1.9% in the third quarter. State Street Corp now owns 8,872,085 shares of the company's stock valued at $284,759,000 after acquiring an additional 165,282 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Cadence Bank by 0.9% during the third 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. Charles Schwab Investment Management Inc. raised its holdings in Cadence Bank by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company's stock worth $77,678,000 after purchasing an additional 12,309 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in Cadence Bank by 7.3% in 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 period. Finally, Bank of New York Mellon Corp boosted 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 valued at $63,271,000 after purchasing an additional 62,026 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Cadence Bank Price Performance

NYSE:CADE traded up $0.24 during trading hours on Friday, reaching $27.21. 1,531,704 shares of the company traded hands, compared to its average volume of 1,264,489. The firm's 50-day moving average is $31.19 and its 200-day moving average is $33.71. The stock has a market cap of $4.96 billion, a P/E ratio of 9.82 and a beta of 0.87. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, topping analysts' consensus estimates 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 previous year, the firm posted $0.40 earnings per share. As a group, research analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date was Friday, March 14th. This is a positive change from Cadence Bank's previous quarterly dividend of $0.25. Cadence Bank's payout ratio is currently 39.71%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada reissued a "sector perform" rating and set a $38.00 target price on shares of Cadence Bank in a research note on Friday, January 24th. Hovde Group reduced their target price on Cadence Bank from $40.00 to $35.00 and set a "market perform" rating for the company in a report on Wednesday, April 2nd. Morgan Stanley lowered their price target on shares of Cadence Bank from $46.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Barclays reduced their price objective on shares of Cadence Bank from $44.00 to $38.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Finally, Citigroup upped their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a "neutral" rating in a research report on Monday, January 27th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.09.

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.