Verition Fund Management LLC Grows Stake in Cadence Bank (NYSE:CADE)

Verition Fund Management LLC lifted its position in Cadence Bank (NYSE:CADE) by 24.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 19,482 shares of the company’s stock after purchasing an additional 3,807 shares during the quarter. Verition Fund Management LLC’s holdings in Cadence Bank were worth $621,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in CADE. FMR LLC increased its stake in Cadence Bank by 1.2% in 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 grew its holdings in shares of 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 in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Cadence Bank by 4.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,242,486 shares of the company’s stock worth $71,423,000 after purchasing an additional 105,231 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Cadence Bank by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock worth $59,071,000 after purchasing an additional 36,323 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its stake in Cadence Bank by 16.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock valued at $66,360,000 after purchasing an additional 291,885 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Down 0.6 %

Shares of NYSE CADE opened at $36.88 on Wednesday. The firm’s fifty day moving average is $35.33 and its 200 day moving average is $31.95. Cadence Bank has a 52 week low of $24.99 and a 52 week 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 market cap of $6.72 billion, a price-to-earnings ratio of 10.60 and a beta of 0.98.

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

Cadence Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.71%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is currently 28.74%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CADE shares. Barclays boosted their price target on shares of Cadence Bank from $37.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Royal Bank of Canada increased their target price on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. DA Davidson lifted their price target on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods increased their price objective on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $36.00 to $39.00 in a report on Monday, September 30th. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.63.

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.