Norges Bank Buys New Stake in Cadence Bank (NYSE:CADE)

Norges Bank purchased a new position in shares of Cadence Bank (NYSE:CADE - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,087,527 shares of the company's stock, valued at approximately $71,915,000. Norges Bank owned about 1.15% of Cadence Bank as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Boston Partners acquired a new position in Cadence Bank in the fourth quarter valued at $24,834,000. Raymond James Financial Inc. acquired a new position in Cadence Bank in the 4th quarter valued at about $13,225,000. Point72 Asset Management L.P. acquired a new position in Cadence Bank in the 3rd quarter valued at about $11,727,000. Fisher Asset Management LLC raised its stake in Cadence Bank by 19.0% during the 4th quarter. Fisher Asset Management LLC now owns 1,655,847 shares of the company's stock valued at $57,044,000 after acquiring an additional 264,691 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Cadence Bank by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company's stock worth $705,821,000 after acquiring an additional 191,717 shares during the period. Institutional investors and hedge funds own 84.61% of the company's stock.

Cadence Bank Stock Up 0.0 %

NYSE CADE traded up $0.01 during mid-day trading on Monday, hitting $26.44. The stock had a trading volume of 1,376,644 shares, compared to its average volume of 1,250,144. The company has a 50 day simple moving average of $32.11 and a 200 day simple moving average of $33.91. The company has a market cap of $4.82 billion, a price-to-earnings ratio of 9.54 and a beta of 0.87. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20.

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Cadence Bank (NYSE:CADE - Get Free Report) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating 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 period in the prior year, the company earned $0.40 EPS. As a group, equities analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a dividend of $0.275 per share. The ex-dividend date was Friday, March 14th. This is a positive change from Cadence Bank's previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 4.16%. Cadence Bank's dividend payout ratio is currently 39.71%.

Analysts Set New Price Targets

CADE has been the subject of several analyst reports. Citigroup upped their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a "neutral" rating in a research note on Monday, January 27th. Barclays upgraded shares of Cadence Bank from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $41.00 to $44.00 in a research report on Thursday, December 19th. Morgan Stanley lowered their target price 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. Royal Bank of Canada reissued a "sector perform" rating and set a $38.00 price target on shares of Cadence Bank in a report on Friday, January 24th. Finally, Hovde Group lowered their price objective on Cadence Bank from $40.00 to $35.00 and set a "market perform" rating on the stock in a report on Wednesday, April 2nd. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Cadence Bank has a consensus rating of "Moderate Buy" and an average target price of $38.64.

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.