Cibc World Markets Corp Invests $587,000 in Cadence Bank (NYSE:CADE)

Cibc World Markets Corp acquired a new position in shares of Cadence Bank (NYSE:CADE) in the fourth quarter, Holdings Channel.com reports. The fund acquired 17,049 shares of the company’s stock, valued at approximately $587,000.

A number of other hedge funds also recently made changes to their positions in CADE. Raymond James Financial Inc. bought a new stake in shares of Cadence Bank during the 4th quarter worth $13,225,000. Point72 Asset Management L.P. bought a new stake in shares of Cadence Bank during the 3rd quarter worth $11,727,000. Fisher Asset Management LLC lifted its holdings in shares of Cadence Bank by 19.0% during the 4th quarter. Fisher Asset Management LLC now owns 1,655,847 shares of the company’s stock worth $57,044,000 after acquiring an additional 264,691 shares during the last quarter. FMR LLC raised its position in Cadence Bank by 1.2% in the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company’s stock worth $523,074,000 after purchasing an additional 195,773 shares during the period. Finally, Barclays PLC raised its position in Cadence Bank by 63.7% in the 3rd quarter. Barclays PLC now owns 441,669 shares of the company’s stock worth $14,067,000 after purchasing an additional 171,940 shares during the period. 84.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Morgan Stanley decreased their target price on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $41.00 to $44.00 in a research report on Thursday, December 19th. Stephens reiterated an “overweight” rating and issued a $42.00 target price on shares of Cadence Bank in a research report on Thursday, January 23rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $38.00 target price on shares of Cadence Bank in a research report on Friday, January 24th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $38.77.

Cadence Bank Trading Up 0.6 %

CADE stock opened at $30.30 on Friday. The firm’s 50-day moving average price is $33.34 and its two-hundred day moving average price is $34.02. Cadence Bank has a 12-month low of $26.16 and a 12-month high of $40.20. The stock has a market capitalization of $5.52 billion, a price-to-earnings ratio of 10.94 and a beta of 0.96.

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

Cadence Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.275 per share. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.63%. Cadence Bank’s payout ratio 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.