Fmr LLC Has $523.07 Million Stake in Cadence Bank (NYSE:CADE)

Fmr LLC lifted its holdings in Cadence Bank (NYSE:CADE) by 1.2% during the 3rd quarter, Holdings Channel reports. The fund owned 16,423,050 shares of the company’s stock after acquiring an additional 195,773 shares during the quarter. Fmr LLC owned approximately 0.09% of Cadence Bank worth $523,074,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Blue Trust Inc. increased its position in Cadence Bank by 456.6% in the 2nd quarter. Blue Trust Inc. now owns 21,667 shares of the company’s stock valued at $628,000 after acquiring an additional 17,774 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its position in Cadence Bank by 16.3% in 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 purchasing an additional 291,885 shares during the last quarter. Natixis Advisors LLC raised its position in Cadence Bank by 8.0% in the 2nd quarter. Natixis Advisors LLC now owns 419,375 shares of the company’s stock worth $11,860,000 after purchasing an additional 30,945 shares during the last quarter. Segall Bryant & Hamill LLC lifted its holdings in Cadence Bank by 21.7% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock worth $42,396,000 after buying an additional 237,748 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in Cadence Bank in the 3rd quarter valued at $5,511,000. 84.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CADE shares. Truist Financial upped their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Morgan Stanley upgraded shares of 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 research report on Monday, September 30th. Royal Bank of Canada lifted their price target on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd. Barclays increased their price objective on shares of Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Finally, DA Davidson upped their target price 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. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $35.29.

Cadence Bank Price Performance

CADE opened at $38.19 on Friday. The stock has a market cap of $6.96 billion, a P/E ratio of 10.97 and a beta of 0.95. Cadence Bank has a 12 month low of $24.74 and a 12 month high of $40.20. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The company has a fifty day simple moving average of $34.36 and a 200 day simple moving average of $31.43.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.09. The company had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.56 earnings per share. On average, research analysts expect that Cadence Bank will post 2.71 EPS for the current year.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 annualized dividend and a yield of 2.62%. Cadence Bank’s dividend payout ratio (DPR) is currently 28.74%.

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.