KLP Kapitalforvaltning AS Purchases Shares of 37,128 Cadence Bank (NYSE:CADE)

KLP Kapitalforvaltning AS acquired a new position in Cadence Bank (NYSE:CADE) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 37,128 shares of the company’s stock, valued at approximately $1,287,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CADE. Brooklyn Investment Group bought a new position in shares of Cadence Bank in the fourth quarter valued at $26,000. Mather Group LLC. raised its position in shares of Cadence Bank by 716.2% during the fourth quarter. Mather Group LLC. now owns 808 shares of the company’s stock worth $28,000 after purchasing an additional 709 shares during the period. Keystone Financial Group Inc. purchased a new stake in shares of Cadence Bank during the fourth quarter valued at $31,000. Point72 Hong Kong Ltd acquired a new position in shares of Cadence Bank in the 3rd quarter valued at $32,000. Finally, Smartleaf Asset Management LLC increased its stake in Cadence Bank by 163.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock worth $40,000 after purchasing an additional 722 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CADE. Citigroup raised their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Keefe, Bruyette & Woods raised their price objective on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Morgan Stanley cut their target price on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. 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. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $38.00 price target on shares of Cadence Bank in a research report on Friday, January 24th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.77.

Cadence Bank Price Performance

Shares of CADE stock opened at $30.12 on Friday. Cadence Bank has a fifty-two week low of $26.16 and a fifty-two week high of $40.20. The stock’s 50-day moving average is $32.92 and its two-hundred day moving average is $34.02. The firm has a market cap of $5.49 billion, a P/E ratio of 10.87 and a beta of 0.96.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the company earned $0.40 EPS. As a group, research analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.65%. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio (DPR) is currently 39.71%.

Cadence Bank 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.