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

Fmr LLC lifted its position in Cadence Bank (NYSE:CADE) by 1.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,423,050 shares of the company’s stock after buying an additional 195,773 shares during the quarter. Fmr LLC owned about 9.01% of Cadence Bank worth $523,074,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Lazard Asset Management LLC increased its position in Cadence Bank by 125.0% during the first quarter. Lazard Asset Management LLC now owns 8,181 shares of the company’s stock worth $236,000 after buying an additional 4,545 shares during the last quarter. Tidal Investments LLC acquired a new position in shares of Cadence Bank during the 1st quarter valued at about $209,000. GAMMA Investing LLC raised its stake in shares of Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after acquiring an additional 436 shares in the last quarter. Chickasaw Capital Management LLC acquired a new stake in Cadence Bank in the 2nd quarter worth approximately $369,000. Finally, Diversified Trust Co boosted its position in Cadence Bank by 6.9% during the second quarter. Diversified Trust Co now owns 41,792 shares of the company’s stock worth $1,182,000 after purchasing an additional 2,692 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Stock Performance

NYSE 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. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. Cadence Bank has a twelve month low of $24.74 and a twelve month high of $40.20. The company’s 50-day simple moving average is $34.36 and its 200 day simple moving average is $31.43.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.09. The company had revenue of $447.36 million for the quarter, compared to analyst estimates 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 was up 11.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.56 EPS. As a group, research analysts forecast that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid 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 is currently 28.74%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Truist Financial boosted their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada boosted their target price 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 raised their price target on Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. DA Davidson boosted their price objective on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $36.00 to $39.00 in a report on Monday, September 30th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.29.

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.