Franklin Resources Inc. Buys Shares of 29,012 Cadence Bank (NYSE:CADE)

Franklin Resources Inc. purchased a new position in shares of Cadence Bank (NYSE:CADE) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 29,012 shares of the company’s stock, valued at approximately $947,000.

Several other institutional investors have also modified their holdings of the stock. KBC Group NV increased its position in Cadence Bank by 11.5% during the third quarter. KBC Group NV now owns 5,036 shares of the company’s stock worth $160,000 after purchasing an additional 519 shares during the last quarter. Algert Global LLC increased its holdings in shares of Cadence Bank by 2.8% during the 3rd quarter. Algert Global LLC now owns 18,920 shares of the company’s stock worth $603,000 after buying an additional 522 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Cadence Bank by 55.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock valued at $50,000 after buying an additional 559 shares during the period. HighTower Advisors LLC lifted its holdings in Cadence Bank by 1.4% in the third quarter. HighTower Advisors LLC now owns 43,940 shares of the company’s stock valued at $1,406,000 after acquiring an additional 599 shares during the last quarter. Finally, Tidal Investments LLC grew its position in Cadence Bank by 8.1% in the third quarter. Tidal Investments LLC now owns 9,769 shares of the company’s stock worth $311,000 after acquiring an additional 730 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on CADE. Royal Bank of Canada lifted their target price on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 23rd. Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $41.00 to $44.00 in a research report on Thursday, December 19th. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $36.00 to $39.00 in a research note on Monday, September 30th. DA Davidson increased their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Truist Financial boosted their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cadence Bank currently has a consensus rating of “Moderate Buy” and an average price target of $36.88.

Cadence Bank Stock Performance

Shares of CADE opened at $34.49 on Friday. The stock has a 50-day simple moving average of $36.21 and a 200-day simple moving average of $32.57. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 1 year low of $24.99 and a 1 year high of $40.20. The stock has a market capitalization of $6.28 billion, a PE ratio of 9.91 and a beta of 0.98.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, October 21st. The company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. The company had revenue of $447.36 million for the quarter, compared to the consensus estimate of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.56 EPS. On average, analysts predict that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

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 given a dividend of $0.25 per share. The ex-dividend date is Friday, December 13th. This represents a $1.00 annualized dividend and a dividend yield of 2.90%. Cadence Bank’s dividend payout ratio is currently 28.74%.

About Cadence Bank

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.