Wells Fargo & Company MN Has $3.94 Million Holdings in Cadence Bank (NYSE:CADE)

Wells Fargo & Company MN increased its stake in shares of Cadence Bank (NYSE:CADE - Free Report) by 26.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 114,265 shares of the company's stock after purchasing an additional 23,809 shares during the quarter. Wells Fargo & Company MN owned 0.06% of Cadence Bank worth $3,936,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Cadence Bank by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company's stock worth $705,821,000 after acquiring an additional 191,717 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in 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 during the period. Vaughan Nelson Investment Management L.P. lifted its holdings in 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 valued at $76,986,000 after acquiring an additional 151,215 shares during the period. Norges Bank purchased a new stake in shares of Cadence Bank during the 4th quarter worth $71,915,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Cadence Bank by 3.5% during the 4th quarter. Bank of New York Mellon Corp now owns 1,836,594 shares of the company's stock worth $63,271,000 after purchasing an additional 62,026 shares during the period. 84.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CADE has been the topic of several research reports. Hovde Group lowered their target price on Cadence Bank from $40.00 to $35.00 and set a "market perform" rating on the stock in a report on Wednesday, April 2nd. Morgan Stanley cut their target price on shares of Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. DA Davidson cut their price objective on Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a research report on Wednesday. Piper Sandler dropped their price target on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research report on Wednesday. Finally, Barclays reduced their price objective on Cadence Bank from $44.00 to $38.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Cadence Bank presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.36.

Cadence Bank Stock Performance

Shares of NYSE:CADE traded down $0.32 during trading on Friday, reaching $28.75. The company had a trading volume of 635,409 shares, compared to its average volume of 1,271,485. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20. The firm has a market capitalization of $5.24 billion, a PE ratio of 10.38 and a beta of 0.87. The firm's fifty day moving average is $29.92 and its 200 day moving average is $33.49.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings data on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.07. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. The business had revenue of $448.55 million during the quarter, compared to analyst estimates of $451.61 million. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Equities analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank's payout ratio is 38.60%.

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.