Geode Capital Management LLC Raises Stock Holdings in Cadence Bank $CADE
Geode Capital Management LLC increased its stake in Cadence Bank by 2.5% during Q2, now owning 4,664,361 shares worth $149.18 million. Other hedge funds also adjusted their positions. Cadence Bank reported Q3 earnings of $0.81 per share, beating estimates. The bank announced a quarterly dividend of $0.275 per share. Analysts have mixed ratings on the stock, with an average rating of 'Hold' and a price target of $42.33.
Geode Capital Management LLC lifted its stake in Cadence Bank (NYSE:CADE - Free Report) by 2.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,664,361 shares of the company's stock after buying an additional 113,593 shares during the quarter. Geode Capital Management LLC owned about 2.56% of Cadence Bank worth $149,182,000 as of its most recent filing with the Securities & Exchange Commission.
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Other hedge funds also recently made changes to their positions in the company. FNY Investment Advisers LLC bought a new stake in Cadence Bank during the 2nd quarter worth approximately $25,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Cadence Bank in the first quarter worth $40,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Cadence Bank in the second quarter worth $65,000. CWM LLC raised its position in shares of Cadence Bank by 49.8% during the 1st quarter. CWM LLC now owns 5,799 shares of the company's stock valued at $176,000 after purchasing an additional 1,928 shares during the period. Finally, Americana Partners LLC purchased a new position in shares of Cadence Bank during the 2nd quarter valued at $201,000. 84.61% of the stock is currently owned by institutional investors.
Cadence Bank Stock Performance
NYSE CADE opened at $37.52 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.23. The business has a 50 day simple moving average of $37.62 and a two-hundred day simple moving average of $34.97. The stock has a market capitalization of $6.84 billion, a PE ratio of 13.59 and a beta of 0.95.
Cadence Bank (NYSE:CADE - Get Free Report) last issued its quarterly earnings data on Monday, October 20th. The company reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.04. Cadence Bank had a return on equity of 10.08% and a net margin of 18.15%.The business had revenue of $517.24 million for the quarter, compared to analysts' expectations of $523.60 million. During the same period in the prior year, the firm earned $0.73 EPS. On average, research analysts predict that Cadence Bank will post 2.94 EPS for the current fiscal year.
Cadence Bank Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be given a dividend of $0.275 per share. The ex-dividend date is Monday, December 15th. This represents a $1.10 annualized dividend and a yield of 2.9%. Cadence Bank's dividend payout ratio (DPR) is 39.86%.
Wall Street Analysts Forecast Growth
CADE has been the subject of a number of analyst reports. Barclays cut Cadence Bank from an "overweight" rating to a "hold" rating in a report on Tuesday, October 28th. Morgan Stanley downgraded Cadence Bank from an "overweight" rating to a "sell" rating in a research note on Tuesday, October 28th. DA Davidson boosted their price target on Cadence Bank from $37.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Zacks Research lowered shares of Cadence Bank from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Cadence Bank in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $42.33.
Check Out Our Latest Stock Report on Cadence Bank
About Cadence Bank
(Free Report)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.
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