Victory Capital Management Inc. Increases Holdings in Cadence Bank (NYSE:CADE)

Victory Capital Management Inc. lifted its position in shares of Cadence Bank (NYSE:CADE) by 1.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,453 shares of the company’s stock after acquiring an additional 685 shares during the period. Victory Capital Management Inc.’s holdings in Cadence Bank were worth $1,738,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in CADE. FMR LLC increased its holdings in shares of 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 purchasing an additional 195,773 shares in the last quarter. State Street Corp boosted its position in shares of Cadence Bank by 1.9% during the third quarter. State Street Corp now owns 8,872,085 shares of the company’s stock valued at $284,759,000 after buying an additional 165,282 shares during the last quarter. Geode Capital Management LLC increased its holdings in Cadence Bank by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock worth $138,974,000 after buying an additional 39,679 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Cadence Bank by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company’s stock worth $77,678,000 after buying an additional 12,309 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its stake in Cadence Bank by 7.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 2,234,733 shares of the company’s stock valued at $76,986,000 after acquiring an additional 151,215 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Stock Performance

Shares of Cadence Bank stock opened at $30.30 on Tuesday. Cadence Bank has a one year low of $26.16 and a one year high of $40.20. The stock has a market cap of $5.52 billion, a price-to-earnings ratio of 10.94 and a beta of 0.96. The stock has a 50 day moving average price of $33.68 and a 200-day moving average price of $34.08.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.68 by $0.02. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same quarter in the prior year, the company posted $0.40 EPS. Sell-side analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.275 dividend. The ex-dividend date is Friday, March 14th. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a yield of 3.63%. Cadence Bank’s dividend payout ratio (DPR) is 39.71%.

Analyst Ratings Changes

A number of brokerages have recently commented on CADE. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $41.00 to $44.00 in a research note on Thursday, December 19th. Stephens reaffirmed an “overweight” rating and issued a $42.00 target price on shares of Cadence Bank in a research report on Thursday, January 23rd. Morgan Stanley lowered their price target on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Royal Bank of Canada restated a “sector perform” rating and issued a $38.00 price target on shares of Cadence Bank in a research note on Friday, January 24th. Finally, Keefe, Bruyette & Woods upped 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. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $38.77.

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.