Zurcher Kantonalbank Zurich Cantonalbank Boosts Position in Cadence Bank (NYSE:CADE)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Cadence Bank (NYSE:CADE) by 3.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 42,981 shares of the company’s stock after purchasing an additional 1,447 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cadence Bank were worth $1,369,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in CADE. V Square Quantitative Management LLC purchased a new position in shares of Cadence Bank during the 3rd quarter valued at $25,000. GAMMA Investing LLC boosted its stake in Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after purchasing an additional 436 shares during the period. Innealta Capital LLC purchased a new stake in Cadence Bank during the 2nd quarter valued at approximately $138,000. KBC Group NV raised 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 valued at $160,000 after buying an additional 519 shares during the last quarter. Finally, Americana Partners LLC purchased a new position in shares of Cadence Bank in the third quarter worth $201,000. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Trading Down 0.5 %

Shares of NYSE:CADE opened at $37.44 on Friday. The company has a market capitalization of $6.82 billion, a PE ratio of 10.81 and a beta of 0.98. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. Cadence Bank has a 12-month low of $24.99 and a 12-month high of $40.20. The business’s fifty day simple moving average is $34.86 and its 200-day simple moving average is $31.68.

Cadence Bank (NYSE:CADE) last posted its earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. The company had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. Cadence Bank’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.56 earnings per share. As a group, equities research analysts predict that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CADE. Royal Bank of Canada lifted their price target on shares of Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their target price on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday. Truist Financial raised 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. DA Davidson upped their price objective on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Cadence Bank has a consensus rating of “Moderate Buy” and an average price target 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.