Point72 Asset Management L.P. Buys New Stake in Cadence Bank (NYSE:CADE)

Point72 Asset Management L.P. purchased a new stake in Cadence Bank (NYSE:CADE - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 368,200 shares of the company's stock, valued at approximately $11,727,000. Point72 Asset Management L.P. owned 0.20% of Cadence Bank as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new stake in Cadence Bank in the 3rd quarter valued at about $25,000. Point72 Hong Kong Ltd bought a new stake in Cadence Bank during the 3rd quarter valued at $32,000. GAMMA Investing LLC lifted its holdings in shares of Cadence Bank by 77.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company's stock worth $28,000 after acquiring an additional 436 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Cadence Bank in the 2nd quarter worth about $138,000. Finally, KBC Group NV increased its position in shares of Cadence Bank by 11.5% during the 3rd quarter. KBC Group NV now owns 5,036 shares of the company's stock valued at $160,000 after purchasing an additional 519 shares during the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Cadence Bank Stock Up 0.5 %

NYSE CADE traded up $0.18 during mid-day trading on Friday, reaching $37.62. The stock had a trading volume of 834,756 shares, compared to its average volume of 1,169,925. The stock has a market cap of $6.86 billion, a PE ratio of 10.81 and a beta of 0.98. Cadence Bank has a 1 year low of $24.99 and a 1 year high of $40.20. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. The company has a fifty day moving average price of $35.10 and a 200 day moving average price of $31.82.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.64 by $0.09. The company had revenue of $447.36 million for the quarter, compared to the consensus estimate of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The firm's revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.56 earnings per share. On average, research analysts expect that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.66%. Cadence Bank's dividend payout ratio is currently 28.74%.

Wall Street Analysts Forecast Growth

CADE has been the subject of a number of research reports. Morgan Stanley raised shares of Cadence Bank from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Truist Financial raised their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. DA Davidson boosted their price objective on Cadence Bank from $36.00 to $40.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. Barclays raised their target price on shares of Cadence Bank from $37.00 to $41.00 and gave the stock an "equal weight" rating in a report on Thursday. Finally, Keefe, Bruyette & Woods increased 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. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Cadence Bank has a consensus rating of "Moderate Buy" and an average target price of $36.63.

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.