State Street Corp Raises Stake in Cadence Bank (NYSE:CADE)

State Street Corp boosted its position in Cadence Bank (NYSE:CADE - Free Report) by 1.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,872,085 shares of the company's stock after purchasing an additional 165,282 shares during the period. State Street Corp owned about 4.87% of Cadence Bank worth $284,759,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of CADE. Diversified Trust Co lifted its stake in shares of Cadence Bank by 6.9% during the 2nd quarter. Diversified Trust Co now owns 41,792 shares of the company's stock valued at $1,182,000 after buying an additional 2,692 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Cadence Bank by 10.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 70,493 shares of the company's stock valued at $1,994,000 after purchasing an additional 6,685 shares during the period. AlphaMark Advisors LLC lifted its holdings in Cadence Bank by 5.6% during the 2nd quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company's stock worth $307,000 after purchasing an additional 579 shares in the last quarter. Blue Trust Inc. boosted its stake in Cadence Bank by 456.6% in the 2nd quarter. Blue Trust Inc. now owns 21,667 shares of the company's stock worth $628,000 after purchasing an additional 17,774 shares during the period. Finally, Raymond James & Associates grew its holdings in Cadence Bank by 0.7% during the 2nd quarter. Raymond James & Associates now owns 256,623 shares of the company's stock valued at $7,257,000 after buying an additional 1,833 shares in the last quarter. 84.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

CADE has been the subject of a number of analyst reports. Royal Bank of Canada raised their price objective on shares of Cadence Bank from $35.00 to $36.00 and gave the company a "sector perform" rating in a research report on Wednesday, October 23rd. Morgan Stanley upgraded shares of Cadence Bank from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $36.00 to $39.00 in a research report on Monday, September 30th. Barclays lifted their price objective on Cadence Bank from $37.00 to $41.00 and gave the company an "equal weight" rating in a research note on Thursday, December 5th. Truist Financial upped their target price on Cadence Bank from $37.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods lifted their price target on Cadence Bank from $38.00 to $45.00 and gave the company an "outperform" rating in a research report on Wednesday, December 4th. 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. Based on data from MarketBeat, Cadence Bank currently has an average rating of "Moderate Buy" and a consensus target price of $36.63.

Cadence Bank Trading Up 1.1 %

CADE stock traded up $0.42 during trading on Wednesday, hitting $37.30. 751,388 shares of the company traded hands, compared to its average volume of 1,307,674. The company has a 50-day moving average of $35.33 and a 200-day moving average of $31.95. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 1 year low of $24.99 and a 1 year high of $40.20. The firm has a market capitalization of $6.80 billion, a PE ratio of 10.60 and a beta of 0.98.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, topping the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the firm earned $0.56 earnings per share. Analysts predict that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.68%. The ex-dividend date is Friday, December 13th. Cadence Bank's dividend payout ratio (DPR) is currently 28.74%.

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.