Cadence Bank (NYSE:CADE) Stock Position Lifted by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its holdings in Cadence Bank (NYSE:CADE) by 3.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,836,594 shares of the company’s stock after purchasing an additional 62,026 shares during the quarter. Bank of New York Mellon Corp owned 1.01% of Cadence Bank worth $63,271,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Brooklyn Investment Group bought a new position in shares of Cadence Bank in the fourth quarter worth $26,000. Mather Group LLC. boosted its stake in Cadence Bank by 716.2% during the fourth quarter. Mather Group LLC. now owns 808 shares of the company’s stock valued at $28,000 after buying an additional 709 shares in the last quarter. Keystone Financial Group Inc. bought a new position in Cadence Bank during the fourth quarter valued at about $31,000. Point72 Hong Kong Ltd bought a new position in Cadence Bank during the third quarter valued at about $32,000. Finally, GAMMA Investing LLC boosted its stake in Cadence Bank by 19.3% during the fourth quarter. GAMMA Investing LLC now owns 1,862 shares of the company’s stock valued at $64,000 after buying an additional 301 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CADE. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $38.00 target price on shares of Cadence Bank in a research note on Friday, January 24th. Citigroup raised their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. Stephens reaffirmed an “overweight” rating and set a $42.00 target price on shares of Cadence Bank in a research note on Thursday, January 23rd. Barclays raised Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $41.00 to $44.00 in a research note on Thursday, December 19th. Finally, 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 report on Wednesday, December 4th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.50.

Cadence Bank Trading Down 4.0 %

Shares of NYSE CADE opened at $31.17 on Wednesday. Cadence Bank has a one year low of $26.16 and a one year high of $40.20. The firm has a market capitalization of $5.68 billion, a PE ratio of 11.25 and a beta of 0.96. The business has a 50-day moving average price of $34.50 and a two-hundred day moving average price of $34.19.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates 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 firm posted $0.40 earnings per share. Research analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a yield of 3.53%. Cadence Bank’s dividend payout ratio (DPR) is presently 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.