Norges Bank Acquires New Position in Cadence Bank (NYSE:CADE)

Norges Bank acquired a new position in shares of Cadence Bank (NYSE:CADE) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,087,527 shares of the company’s stock, valued at approximately $71,915,000. Norges Bank owned approximately 1.15% of Cadence Bank at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CADE. Vanguard Group Inc. grew its holdings in shares of Cadence Bank by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company’s stock worth $705,821,000 after acquiring an additional 191,717 shares during the period. State Street Corp boosted its position in Cadence Bank by 1.9% during the third quarter. State Street Corp now owns 8,872,085 shares of the company’s stock worth $284,759,000 after purchasing an additional 165,282 shares in the last quarter. Geode Capital Management LLC grew 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 valued at $138,974,000 after purchasing an additional 39,679 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position 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 valued at $77,678,000 after buying an additional 12,309 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its stake in shares of 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 worth $76,986,000 after buying an additional 151,215 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CADE has been the subject of several recent research reports. Stephens restated an “overweight” rating and set a $42.00 target price on shares of Cadence Bank in a report on Thursday, January 23rd. Morgan Stanley dropped their price objective on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Keefe, Bruyette & Woods upped their target price on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Hovde Group dropped their price target on Cadence Bank from $40.00 to $35.00 and set a “market perform” rating for the company in a research report on Wednesday. Finally, Citigroup upped their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.64.

Cadence Bank Trading Up 0.2 %

Cadence Bank stock opened at $30.47 on Thursday. The stock has a fifty day moving average price of $32.60 and a 200 day moving average price of $34.01. Cadence Bank has a 52 week low of $26.16 and a 52 week high of $40.20. The firm has a market capitalization of $5.55 billion, a P/E ratio of 11.00 and a beta of 0.96.

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

Cadence Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a dividend of $0.275 per share. The ex-dividend date was Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a yield of 3.61%. 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.