Glenmede Trust Co. NA Has $1.22 Million Stake in Cadence Bank (NYSE:CADE)

Glenmede Trust Co. NA lifted its position in shares of Cadence Bank (NYSE:CADE) by 31.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 38,295 shares of the company’s stock after purchasing an additional 9,134 shares during the quarter. Glenmede Trust Co. NA’s holdings in Cadence Bank were worth $1,220,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CADE. FMR LLC boosted its position in Cadence Bank by 1.2% during the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company’s stock worth $523,074,000 after acquiring an additional 195,773 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Cadence Bank by 6.4% during the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock worth $277,874,000 after purchasing an additional 593,878 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Cadence Bank by 4.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,242,486 shares of the company’s stock valued at $71,423,000 after purchasing an additional 105,231 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Cadence Bank by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock valued at $59,071,000 after buying an additional 36,323 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its position in 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 buying an additional 291,885 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CADE shares. Barclays raised their price objective on Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Truist Financial raised 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. DA Davidson upped their price objective on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada raised their target price on shares of Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Finally, Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Five equities research 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $35.29.

Cadence Bank Stock Performance

NYSE CADE opened at $38.09 on Tuesday. The firm has a 50-day moving average of $34.49 and a 200-day moving average of $31.52. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $6.94 billion, a PE ratio of 10.99 and a beta of 0.95. Cadence Bank has a 52-week low of $24.99 and a 52-week high of $40.20.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $450.97 million. During the same period last year, the firm posted $0.56 EPS. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Cadence Bank will post 2.71 EPS for the current year.

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.63%. Cadence Bank’s payout ratio is presently 28.74%.

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.