Cadence Bank $CADE Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. grew its stake in Cadence Bank (NYSE:CADE) by 0.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 20,278,377 shares of the company’s stock after buying an additional 25,177 shares during the quarter. Vanguard Group Inc. owned about 0.11% of Cadence Bank worth $761,250,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mather Group LLC. acquired a new stake in Cadence Bank in the third quarter valued at approximately $26,000. Wilmington Savings Fund Society FSB acquired a new position in Cadence Bank during the 3rd quarter worth approximately $38,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Cadence Bank in the 3rd quarter valued at approximately $39,000. Osaic Holdings Inc. raised its holdings in shares of Cadence Bank by 24.4% in the 2nd quarter. Osaic Holdings Inc. now owns 1,442 shares of the company’s stock valued at $46,000 after purchasing an additional 283 shares in the last quarter. Finally, Hantz Financial Services Inc. lifted its position in shares of Cadence Bank by 126.1% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,341 shares of the company’s stock worth $50,000 after purchasing an additional 748 shares during the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CADE has been the subject of a number of analyst reports. Keefe, Bruyette & Woods downgraded shares of Cadence Bank from a “moderate buy” rating to a “hold” rating and boosted their target price for the stock from $41.00 to $49.00 in a research note on Monday, November 3rd. Barclays cut Cadence Bank from an “overweight” rating to a “hold” rating in a research report on Tuesday, October 28th. Stephens downgraded Cadence Bank from an “overweight” rating to an “equal weight” rating in a report on Tuesday, October 28th. Morgan Stanley cut Cadence Bank from an “overweight” rating to a “sell” rating in a research note on Tuesday, October 28th. Finally, Royal Bank Of Canada raised Cadence Bank from a “hold” rating to a “moderate buy” rating in a report on Monday, October 27th. Two research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $42.88.

Cadence Bank Stock Performance

Shares of CADE stock opened at $42.14 on Monday. The stock’s 50-day moving average is $43.30 and its two-hundred day moving average is $39.82. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.86 and a current ratio of 0.86. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $46.74. The firm has a market cap of $7.68 billion, a price-to-earnings ratio of 14.94 and a beta of 0.95.

Cadence Bank (NYSE:CADE) last announced its earnings results on Thursday, January 22nd. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.06. The firm had revenue of $528.41 million during the quarter, compared to analysts’ expectations of $525.15 million. Cadence Bank had a return on equity of 10.16% and a net margin of 18.12%.During the same period in the prior year, the firm earned $0.70 EPS. Analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, January 30th were issued a $0.3438 dividend. The ex-dividend date of this dividend was Friday, January 30th. This is an increase from Cadence Bank’s previous quarterly dividend of $0.28. This represents a $1.38 annualized dividend and a dividend yield of 3.3%. Cadence Bank’s dividend payout ratio is currently 39.01%.

About Cadence Bank

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.