Wells Fargo & Company MN Has $3.94 Million Stock Position in Cadence Bank (NYSE:CADE)

Wells Fargo & Company MN increased its stake in Cadence Bank (NYSE:CADE) by 26.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 114,265 shares of the company’s stock after purchasing an additional 23,809 shares during the period. Wells Fargo & Company MN owned approximately 0.06% of Cadence Bank worth $3,936,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brooklyn Investment Group bought a new position in Cadence Bank in the fourth quarter valued at about $26,000. Mather Group LLC. boosted its stake in shares of Cadence Bank by 716.2% in the 4th quarter. Mather Group LLC. now owns 808 shares of the company’s stock valued at $28,000 after purchasing an additional 709 shares in the last quarter. Keystone Financial Group Inc. bought a new stake in shares of Cadence Bank during the 4th quarter valued at approximately $31,000. Smartleaf Asset Management LLC increased its position in Cadence Bank by 163.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock worth $40,000 after purchasing an additional 722 shares in the last quarter. Finally, Parkside Financial Bank & Trust lifted its stake in Cadence Bank by 504.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company’s stock valued at $59,000 after purchasing an additional 1,434 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Price Performance

Shares of NYSE:CADE opened at $27.64 on Tuesday. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $40.20. The business’s 50-day moving average is $30.30 and its 200-day moving average is $33.58. The company has a market capitalization of $5.04 billion, a price-to-earnings ratio of 9.98 and a beta of 0.87.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, April 21st. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.06. The firm had revenue of $448.55 million for the quarter, compared to analyst estimates of $451.61 million. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period in the previous year, the firm earned $0.62 earnings per share. Analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date of this dividend was Friday, March 14th. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio is 39.71%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CADE. Citigroup boosted their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Barclays reduced their price objective on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Morgan Stanley dropped their target price on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Royal Bank of Canada reissued a “sector perform” rating and set a $38.00 price target on shares of Cadence Bank in a research note on Friday, January 24th. Finally, Hovde Group lowered their price objective on Cadence Bank from $40.00 to $35.00 and set a “market perform” rating for the company in a research note on Wednesday, April 2nd. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $38.09.

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.