Synovus Financial Corp Makes New Investment in Cadence Bank (NYSE:CADE)

Synovus Financial Corp acquired a new stake in shares of Cadence Bank (NYSE:CADE - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 26,627 shares of the company's stock, valued at approximately $848,000.

Other hedge funds also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Cadence Bank by 1.2% in the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company's stock valued at $523,074,000 after acquiring an additional 195,773 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Cadence Bank by 6.4% in the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company's stock worth $277,874,000 after purchasing an additional 593,878 shares during the period. State Street Corp boosted its holdings in Cadence Bank by 1.9% in the third quarter. State Street Corp now owns 8,872,085 shares of the company's stock worth $284,759,000 after purchasing an additional 165,282 shares during the period. Geode Capital Management LLC increased its stake in Cadence Bank by 0.9% during the third quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company's stock valued at $138,974,000 after purchasing an additional 39,679 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Cadence Bank by 4.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,242,486 shares of the company's stock worth $71,423,000 after purchasing an additional 105,231 shares during the period. 84.61% of the stock is owned by institutional investors and hedge funds.

Cadence Bank Price Performance

CADE traded down $0.91 on Tuesday, reaching $35.72. The company had a trading volume of 881,654 shares, compared to its average volume of 1,300,051. The company has a market capitalization of $6.51 billion, a P/E ratio of 10.53 and a beta of 0.98. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The company has a fifty day moving average of $35.80 and a 200-day moving average of $32.19. Cadence Bank has a one year low of $24.99 and a one year high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.09. The business had revenue of $447.36 million during the quarter, compared to analysts' expectations of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The business's revenue was up 11.0% on a year-over-year basis. During the same period last year, the firm posted $0.56 earnings per share. As a group, equities research analysts anticipate that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders 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 annualized dividend and a dividend yield of 2.80%. Cadence Bank's dividend payout ratio (DPR) is 28.74%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CADE shares. DA Davidson boosted their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. Morgan Stanley raised Cadence Bank from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $36.00 to $39.00 in a report on Monday, September 30th. Royal Bank of Canada raised their price target on Cadence Bank from $35.00 to $36.00 and gave the stock a "sector perform" rating in a report on Wednesday, October 23rd. Barclays upped their price objective on Cadence Bank from $37.00 to $41.00 and gave the stock an "equal weight" rating in a research note on Thursday, December 5th. Finally, Truist Financial raised their target price on Cadence Bank from $37.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $36.63.

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.