Charles Schwab Investment Management Inc. Has $71.42 Million Stake in Cadence Bank (NYSE:CADE)

Charles Schwab Investment Management Inc. lifted its stake in shares of Cadence Bank (NYSE:CADE) by 4.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,242,486 shares of the company’s stock after acquiring an additional 105,231 shares during the period. Charles Schwab Investment Management Inc. owned 1.23% of Cadence Bank worth $71,423,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. V Square Quantitative Management LLC acquired a new position in shares of Cadence Bank during the third quarter valued at about $25,000. GAMMA Investing LLC increased its position in Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after buying an additional 436 shares in the last quarter. Innealta Capital LLC acquired a new position in Cadence Bank during the 2nd quarter worth approximately $138,000. KBC Group NV boosted its holdings in Cadence Bank by 11.5% in the third quarter. KBC Group NV now owns 5,036 shares of the company’s stock worth $160,000 after acquiring an additional 519 shares in the last quarter. Finally, Americana Partners LLC acquired a new stake in Cadence Bank in the third quarter valued at approximately $201,000. 84.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CADE has been the topic of a number of recent research reports. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $36.00 to $39.00 in a report on Monday, September 30th. DA Davidson raised their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Barclays boosted their target price on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada raised their price target on shares of Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 23rd. Finally, Truist Financial boosted their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Five equities 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 company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.29.

Cadence Bank Stock Down 0.8 %

Shares of NYSE:CADE opened at $38.31 on Friday. Cadence Bank has a 1 year low of $24.15 and a 1 year high of $40.20. The company has a market capitalization of $6.98 billion, a PE ratio of 11.01 and a beta of 0.95. The business has a fifty day moving average price of $34.25 and a two-hundred day moving average price of $31.38. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. The business had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.56 earnings per share. Analysts forecast that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 annualized dividend and a yield of 2.61%. Cadence Bank’s payout ratio is 28.74%.

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.