Raymond James Financial Inc. Invests $13.23 Million in Cadence Bank (NYSE:CADE)

Raymond James Financial Inc. bought a new stake in shares of Cadence Bank (NYSE:CADE - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 383,881 shares of the company's stock, valued at approximately $13,225,000. Raymond James Financial Inc. owned about 0.21% of Cadence Bank at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. FMR LLC raised its stake in Cadence Bank by 1.2% during 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 last quarter. State Street Corp increased its holdings in Cadence Bank by 1.9% in the 3rd quarter. State Street Corp now owns 8,872,085 shares of the company's stock valued at $284,759,000 after buying an additional 165,282 shares during the period. Geode Capital Management LLC increased its holdings in Cadence Bank by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company's stock valued at $138,974,000 after buying an additional 39,679 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Cadence Bank by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company's stock valued at $77,678,000 after buying an additional 12,309 shares during the period. Finally, Vaughan Nelson Investment Management L.P. increased its holdings in Cadence Bank by 7.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 2,234,733 shares of the company's stock valued at $76,986,000 after buying an additional 151,215 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their target price on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $38.00 target price on shares of Cadence Bank in a report on Friday, January 24th. Morgan Stanley decreased 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. Stephens reissued an "overweight" rating and set a $42.00 price objective on shares of Cadence Bank in a report on Thursday, January 23rd. Finally, Citigroup upped their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the company a "neutral" rating in a research report on Monday, January 27th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Cadence Bank has a consensus rating of "Moderate Buy" and an average target price of $38.77.

Cadence Bank Stock Performance

CADE stock traded up $0.17 during mid-day trading on Friday, hitting $30.30. 3,357,179 shares of the company were exchanged, compared to its average volume of 1,180,812. The firm has a market cap of $5.52 billion, a P/E ratio of 10.94 and a beta of 0.96. The firm's 50 day simple moving average is $33.34 and its 200 day simple moving average is $34.02. Cadence Bank has a 1-year low of $26.16 and a 1-year high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its earnings results on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, topping the consensus estimate 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 quarter in the prior year, the company posted $0.40 EPS. On average, equities research analysts predict that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.275 per share. This is a boost from Cadence Bank's previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend is Friday, March 14th. Cadence Bank's dividend payout ratio (DPR) is currently 39.71%.

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.