Vanguard Group Inc. Acquires 191,717 Shares of Cadence Bank (NYSE:CADE)

Vanguard Group Inc. boosted its holdings in Cadence Bank (NYSE:CADE) by 0.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,488,277 shares of the company’s stock after purchasing an additional 191,717 shares during the quarter. Vanguard Group Inc. owned about 11.24% of Cadence Bank worth $705,821,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp grew its stake in shares of Cadence Bank by 1.9% in the 3rd quarter. State Street Corp now owns 8,872,085 shares of the company’s stock worth $284,759,000 after buying an additional 165,282 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Cadence Bank by 0.9% in the third quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock worth $138,974,000 after acquiring an additional 39,679 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Cadence Bank by 0.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company’s stock worth $77,678,000 after acquiring an additional 12,309 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Cadence Bank by 7.3% during the fourth 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 in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Cadence Bank by 3.5% in the 4th quarter. Bank of New York Mellon Corp now owns 1,836,594 shares of the company’s stock worth $63,271,000 after purchasing an additional 62,026 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Price Performance

Shares of NYSE:CADE opened at $30.12 on Monday. The company has a market capitalization of $5.49 billion, a P/E ratio of 10.87 and a beta of 0.96. The firm’s 50 day simple moving average is $32.92 and its two-hundred day simple moving average is $34.04. Cadence Bank has a 1-year low of $26.16 and a 1-year high of $40.20.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share 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 period in the prior year, the business posted $0.40 earnings per share. On average, sell-side analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on CADE shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $38.00 price objective on shares of Cadence Bank in a research report on Friday, January 24th. Morgan Stanley cut their price objective on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $41.00 to $44.00 in a research report on Thursday, December 19th. Keefe, Bruyette & Woods raised their target price on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Stephens restated an “overweight” rating and set a $42.00 target price on shares of Cadence Bank in a research report on Thursday, January 23rd. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Cadence Bank currently has an average rating of “Moderate Buy” and a consensus target price 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.