Vanguard Group Inc. Grows Stock Position in Cadence Bank (NYSE:CADE)

Vanguard Group Inc. increased its stake in Cadence Bank (NYSE:CADE - Free Report) by 0.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 20,488,277 shares of the company's stock after purchasing an additional 191,717 shares during the quarter. Vanguard Group Inc. owned approximately 11.24% of Cadence Bank worth $705,821,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. State Street Corp raised its position in shares of Cadence Bank by 1.9% in the third quarter. State Street Corp now owns 8,872,085 shares of the company's stock valued at $284,759,000 after purchasing an additional 165,282 shares during the period. Geode Capital Management LLC raised its holdings in Cadence Bank by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company's stock valued at $138,974,000 after acquiring an additional 39,679 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Cadence Bank by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company's stock worth $77,678,000 after acquiring an additional 12,309 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Cadence Bank by 7.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,234,733 shares of the company's stock worth $76,986,000 after acquiring an additional 151,215 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Cadence Bank by 3.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,836,594 shares of the company's stock worth $63,271,000 after acquiring an additional 62,026 shares during the period. Hedge funds and other institutional investors own 84.61% of the company's stock.

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Cadence Bank Price Performance

NYSE CADE traded down $2.20 during trading hours on Thursday, reaching $28.26. 589,009 shares of the stock traded hands, compared to its average volume of 1,239,900. The stock has a 50 day simple moving average of $32.60 and a two-hundred day simple moving average of $34.01. Cadence Bank has a 1 year low of $26.16 and a 1 year high of $40.20. The company has a market cap of $5.15 billion, a price-to-earnings ratio of 10.20 and a beta of 0.87.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates 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 quarter in the previous year, the business posted $0.40 EPS. On average, sell-side analysts forecast that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.89%. This is a positive change from Cadence Bank's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, March 14th. Cadence Bank's payout ratio is presently 39.71%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CADE. Royal Bank of Canada reissued a "sector perform" rating and set a $38.00 price objective on shares of Cadence Bank in a report on Friday, January 24th. Morgan Stanley lowered their price target 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 reaffirmed an "overweight" rating and set a $42.00 price objective on shares of Cadence Bank in a research note on Thursday, January 23rd. Barclays upgraded shares of Cadence Bank from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $41.00 to $44.00 in a research note on Thursday, December 19th. Finally, Citigroup raised their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a "neutral" rating in a report on Monday, January 27th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $38.64.

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.