State Street Corp Has $284.76 Million Stock Position in Cadence Bank (NYSE:CADE)

State Street Corp increased its holdings in shares of Cadence Bank (NYSE:CADE) by 1.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,872,085 shares of the company’s stock after buying an additional 165,282 shares during the quarter. State Street Corp owned 4.87% of Cadence Bank worth $284,759,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new stake in shares of Cadence Bank during the third quarter worth about $25,000. Point72 Hong Kong Ltd acquired a new stake in Cadence Bank during the 3rd quarter worth approximately $32,000. GAMMA Investing LLC lifted its stake in Cadence Bank by 55.8% in the third quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock valued at $50,000 after buying an additional 559 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Cadence Bank in the second quarter valued at approximately $138,000. Finally, KBC Group NV increased its position in shares of Cadence Bank by 11.5% during 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. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Stock Performance

Shares of CADE opened at $36.88 on Wednesday. The company has a market cap of $6.72 billion, a PE ratio of 10.60 and a beta of 0.98. The firm has a 50-day moving average of $35.33 and a 200-day moving average of $31.95. Cadence Bank has a one year low of $24.99 and a one year high of $40.20. 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 results on Monday, October 21st. The company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The business had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. During the same quarter last year, the company posted $0.56 earnings per share. Cadence Bank’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, equities analysts forecast that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Announces Dividend

The firm also recently declared 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. This represents a $1.00 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

Wall Street Analysts Forecast Growth

CADE has been the topic of several research reports. DA Davidson boosted their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Truist Financial boosted their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $36.00 to $39.00 in a report on Monday, September 30th. Royal Bank of Canada boosted their target price on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods raised their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.63.

About Cadence Bank

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.