Victory Capital Management Inc. Buys 685 Shares of Cadence Bank (NYSE:CADE)

Victory Capital Management Inc. boosted its holdings in shares of Cadence Bank (NYSE:CADE) by 1.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 50,453 shares of the company’s stock after purchasing an additional 685 shares during the quarter. Victory Capital Management Inc.’s holdings in Cadence Bank were worth $1,738,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC grew its position in Cadence Bank by 1.2% in the third quarter. FMR LLC now owns 16,423,050 shares of the company’s stock valued at $523,074,000 after acquiring an additional 195,773 shares during the period. State Street Corp raised its position in 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 purchasing an additional 165,282 shares during the last quarter. Geode Capital Management LLC raised its holdings in Cadence Bank by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock worth $138,974,000 after purchasing an additional 39,679 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in 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 during the period. Finally, Vaughan Nelson Investment Management L.P. grew its stake 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 worth $76,986,000 after purchasing an additional 151,215 shares during the period. Institutional investors own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CADE. Morgan Stanley lowered their price target 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. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $41.00 to $44.00 in a research note on Thursday, December 19th. Citigroup increased their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Stephens reissued an “overweight” rating and set a $42.00 target price on shares of Cadence Bank in a report on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods increased their target price on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $38.77.

Cadence Bank Price Performance

Shares of NYSE CADE opened at $30.30 on Tuesday. The stock has a market capitalization of $5.52 billion, a PE ratio of 10.94 and a beta of 0.96. The business’s fifty day moving average price is $33.68 and its 200-day moving average price is $34.08. Cadence Bank has a one year low of $26.16 and a one year high of $40.20.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating 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 quarter last year, the business earned $0.40 earnings per share. As a group, equities analysts expect that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.275 dividend. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend is Friday, March 14th. Cadence Bank’s payout ratio is 39.71%.

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.