Fisher Asset Management LLC Decreases Holdings in Cadence Bank (NYSE:CADE)

Fisher Asset Management LLC cut its stake in shares of Cadence Bank (NYSE:CADE) by 17.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,656,396 shares of the company’s stock after selling 351,173 shares during the period. Fisher Asset Management LLC owned about 0.91% of Cadence Bank worth $49,013,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC bought a new stake in shares of Cadence Bank during the 3rd quarter valued at $246,000. Charles Schwab Investment Management Inc. grew its position in shares of Cadence Bank by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,939,796 shares of the company’s stock valued at $41,162,000 after acquiring an additional 18,922 shares during the period. DekaBank Deutsche Girozentrale bought a new stake in shares of Cadence Bank during the 3rd quarter valued at $230,000. Hsbc Holdings PLC grew its position in shares of Cadence Bank by 48.1% during the 3rd quarter. Hsbc Holdings PLC now owns 322,269 shares of the company’s stock valued at $6,867,000 after acquiring an additional 104,656 shares during the period. Finally, Federated Hermes Inc. grew its position in shares of Cadence Bank by 1.3% during the 3rd quarter. Federated Hermes Inc. now owns 190,193 shares of the company’s stock valued at $4,036,000 after acquiring an additional 2,497 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Stock Down 1.8 %

Shares of CADE stock opened at $26.93 on Monday. The stock has a market cap of $4.91 billion, a P/E ratio of 8.60 and a beta of 0.99. Cadence Bank has a 52 week low of $18.97 and a 52 week high of $31.45. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The company’s fifty day simple moving average is $28.25 and its two-hundred day simple moving average is $28.14.

Cadence Bank (NYSE:CADE) last announced its earnings results on Friday, April 26th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.08. The firm had revenue of $437.69 million for the quarter, compared to analysts’ expectations of $427.18 million. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The business’s revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.68 EPS. Analysts predict that Cadence Bank will post 2.48 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend is Friday, June 14th. Cadence Bank’s dividend payout ratio is 31.95%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CADE. Keefe, Bruyette & Woods boosted their price objective on shares of Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. Truist Financial upped their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Jefferies Financial Group dropped their target price on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a report on Monday, April 8th. Stephens reaffirmed an “overweight” rating and issued a $33.00 target price on shares of Cadence Bank in a report on Tuesday, April 23rd. Finally, Barclays upped their target price on shares of Cadence Bank from $28.00 to $29.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 24th. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.09.

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.