Wellington Management Group LLP lowered its position in Cadence Bank (NYSE:CADE - Free Report) by 1.4% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 12,642,169 shares of the company's stock after selling 178,747 shares during the period. Wellington Management Group LLP owned 6.94% of Cadence Bank worth $402,653,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its holdings in shares of Cadence Bank by 6.4% in the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company's stock valued at $277,874,000 after purchasing an additional 593,878 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Cadence Bank in the 3rd quarter worth $11,727,000. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Cadence Bank by 16.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company's stock worth $66,360,000 after acquiring an additional 291,885 shares during the period. Segall Bryant & Hamill LLC boosted its position in shares of Cadence Bank by 21.7% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company's stock valued at $42,396,000 after acquiring an additional 237,748 shares during the last quarter. Finally, FMR LLC grew its holdings in shares of Cadence Bank by 1.2% in the third 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 period. Institutional investors and hedge funds own 84.61% of the company's stock.
Cadence Bank Stock Up 0.5 %
CADE traded up $0.18 during trading hours on Friday, hitting $37.62. 834,756 shares of the company's stock were exchanged, compared to its average volume of 1,169,925. The firm has a market cap of $6.86 billion, a P/E ratio of 10.81 and a beta of 0.98. Cadence Bank has a 12-month low of $24.99 and a 12-month high of $40.20. 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 firm has a 50 day moving average of $35.10 and a 200 day moving average of $31.80.
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 for the quarter, topping analysts' consensus estimates of $0.64 by $0.09. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The business had revenue of $447.36 million for the quarter, compared to analyst estimates of $450.97 million. During the same quarter in the prior year, the company earned $0.56 earnings per share. The company's revenue was up 11.0% on a year-over-year basis. Analysts predict that Cadence Bank will post 2.71 EPS for the current fiscal year.
Cadence Bank Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Friday, December 13th. Cadence Bank's dividend payout ratio is presently 28.74%.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on CADE shares. Barclays boosted their target price on shares of Cadence Bank from $37.00 to $41.00 and gave the company an "equal weight" rating in a report on Thursday. Royal Bank of Canada increased their price objective on Cadence Bank from $35.00 to $36.00 and gave the stock a "sector perform" rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their target price on Cadence Bank from $38.00 to $45.00 and gave the company an "outperform" rating in a research report on Wednesday. Morgan Stanley upgraded Cadence Bank from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $36.00 to $39.00 in a report on Monday, September 30th. Finally, Truist Financial boosted their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Five research 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. According to data from MarketBeat, Cadence Bank has an average rating of "Moderate Buy" and an average target price of $36.63.
View Our Latest Analysis on Cadence Bank
Cadence Bank Profile
(
Free Report)
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.
Recommended Stories
![Institutional Ownership by Quarter for Cadence Bank (NYSE:CADE)](https://www.marketbeat.com/scripts/SECFilingChart.ashx?Prefix=NYSE&Symbol=CADE)
Before you consider Cadence Bank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Cadence Bank wasn't on the list.
While Cadence Bank currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to generate income with your stock portfolio? Use these ten stocks to generate a safe and reliable source of investment income.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.