Cadence Bank (NYSE:CADE) Position Trimmed by Swiss National Bank

Swiss National Bank decreased its holdings in Cadence Bank (NYSE:CADE) by 0.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 356,753 shares of the company’s stock after selling 3,400 shares during the period. Swiss National Bank owned about 0.20% of Cadence Bank worth $11,363,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Dimensional Fund Advisors LP increased its stake in Cadence Bank by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after buying an additional 593,878 shares during the period. Bank of New York Mellon Corp lifted its stake 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 buying an additional 36,323 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in Cadence Bank by 16.3% during 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 acquiring an additional 291,885 shares during the period. Natixis Advisors LLC grew its holdings in Cadence Bank by 15.9% in the 3rd quarter. Natixis Advisors LLC now owns 486,122 shares of the company’s stock valued at $15,483,000 after buying an additional 66,747 shares during the last quarter. Finally, Moody Aldrich Partners LLC grew its stake in shares of Cadence Bank by 28.6% in the third quarter. Moody Aldrich Partners LLC now owns 294,932 shares of the company’s stock worth $9,394,000 after acquiring an additional 65,595 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Stock Performance

Shares of Cadence Bank stock opened at $38.88 on Friday. Cadence Bank has a 12 month low of $24.15 and a 12 month high of $39.79. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $7.08 billion, a PE ratio of 11.17 and a beta of 0.95. The stock’s fifty day simple moving average is $33.84 and its 200 day simple moving average is $31.18.

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, beating the consensus estimate of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The company had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. During the same quarter in the prior year, the company earned $0.56 earnings per share. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, research analysts predict that Cadence Bank will post 2.71 EPS for the current year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.57%. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

Analyst Ratings Changes

Several equities analysts recently issued reports on CADE shares. Royal Bank of Canada boosted their price target 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. Barclays increased their target price on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Truist Financial lifted their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report 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 stock from $36.00 to $39.00 in a research report on Monday, September 30th. Finally, DA Davidson upped their price target on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Five 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’s stock. Based on data from MarketBeat, Cadence Bank presently has a consensus rating of “Moderate Buy” and an average target price 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.