Prudential Financial Inc. Has $3.31 Million Stake in Cadence Bank (NYSE:CADE)

Prudential Financial Inc. cut its stake in Cadence Bank (NYSE:CADE) by 1.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 87,708 shares of the company’s stock after selling 1,118 shares during the period. Prudential Financial Inc.’s holdings in Cadence Bank were worth $3,307,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in shares of Cadence Bank by 0.9% during the third quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock worth $138,974,000 after buying an additional 39,679 shares in the last quarter. Stifel Financial Corp grew its stake in shares of Cadence Bank by 18.1% during the 3rd quarter. Stifel Financial Corp now owns 21,034 shares of the company’s stock worth $670,000 after acquiring an additional 3,218 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Cadence Bank by 1.4% in the fourth quarter. Victory Capital Management Inc. now owns 50,453 shares of the company’s stock valued at $1,738,000 after purchasing an additional 685 shares during the last quarter. Franklin Resources Inc. bought a new stake in shares of Cadence Bank in the third quarter worth $947,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Cadence Bank by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company’s stock worth $77,678,000 after purchasing an additional 12,309 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CADE shares. 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. Citigroup lifted their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Keefe, Bruyette & Woods increased their price target on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Stephens reaffirmed an “overweight” rating and set a $42.00 price target on shares of Cadence Bank in a research report on Thursday, January 23rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $38.00 price objective on shares of Cadence Bank in a report on Friday, January 24th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.64.

Cadence Bank Price Performance

CADE stock opened at $30.47 on Thursday. Cadence Bank has a one year low of $26.16 and a one year high of $40.20. The stock has a market cap of $5.55 billion, a price-to-earnings ratio of 11.00 and a beta of 0.96. The company has a fifty day moving average price of $32.60 and a two-hundred day moving average price of $34.01.

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

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders 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 dividend yield of 3.61%. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio (DPR) 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.