Cadence Bank (NYSE:CADE) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Cadence Bank (NYSE:CADE) by 10.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 42,023 shares of the company’s stock after purchasing an additional 4,057 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cadence Bank were worth $1,243,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in CADE. Wellington Management Group LLP raised its position in shares of Cadence Bank by 15.7% during the 3rd quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock worth $166,110,000 after purchasing an additional 1,063,055 shares during the period. Vaughan Nelson Investment Management L.P. increased its position in Cadence Bank by 81.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock valued at $45,344,000 after acquiring an additional 687,025 shares during the period. American Century Companies Inc. increased its position in Cadence Bank by 35.7% in the 3rd quarter. American Century Companies Inc. now owns 1,258,097 shares of the company’s stock valued at $26,697,000 after acquiring an additional 331,097 shares during the period. Comerica Bank acquired a new stake in Cadence Bank in the 3rd quarter valued at approximately $5,177,000. Finally, Graham Capital Management L.P. acquired a new stake in Cadence Bank in the 3rd quarter valued at approximately $3,765,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Stock Performance

CADE opened at $29.01 on Friday. The firm has a market cap of $5.30 billion, a PE ratio of 9.27 and a beta of 1.02. 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 business has a fifty day simple moving average of $27.74 and a 200-day simple moving average of $26.60. Cadence Bank has a fifty-two week low of $16.95 and a fifty-two week high of $31.45.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Friday, April 26th. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.08. The business had revenue of $437.69 million during the quarter, compared to analyst estimates of $427.18 million. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The company’s revenue was up 12.6% compared to the same quarter last year. During the same period last year, the company posted $0.68 EPS. As a group, equities analysts predict that Cadence Bank will post 2.39 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

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 $0.25 dividend. The ex-dividend date is Friday, June 14th. This represents a $1.00 annualized dividend and a dividend yield of 3.45%. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Analysts Set New Price Targets

Several research firms recently commented on CADE. Hovde Group upgraded Cadence Bank from a “market perform” rating to an “outperform” rating and raised their target price for the company from $32.50 to $33.00 in a research report on Wednesday. Royal Bank of Canada restated a “sector perform” rating and issued a $31.00 target price on shares of Cadence Bank in a research report on Tuesday, April 9th. Morgan Stanley raised their target price on Cadence Bank from $24.00 to $27.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Truist Financial lifted their price target on Cadence Bank from $32.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Finally, Barclays lifted their price target on Cadence Bank from $28.00 to $29.00 and gave the company an “equal weight” rating in a research report on Wednesday. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $31.09.

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.