Cadence Bank (NYSE:CADE) Shares Bought by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA boosted its holdings in shares of Cadence Bank (NYSE:CADE) by 7.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,439 shares of the company’s stock after purchasing an additional 2,073 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Cadence Bank were worth $980,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in shares of Cadence Bank during the 4th quarter worth about $71,915,000. JPMorgan Chase & Co. raised its holdings in shares of Cadence Bank by 46.2% during the fourth quarter. JPMorgan Chase & Co. now owns 604,097 shares of the company’s stock valued at $20,811,000 after acquiring an additional 190,981 shares during the last quarter. Segall Bryant & Hamill LLC lifted its position in shares of Cadence Bank by 0.8% in the fourth quarter. Segall Bryant & Hamill LLC now owns 1,341,868 shares of the company’s stock valued at $46,227,000 after acquiring an additional 10,756 shares in the last quarter. Advantage Alpha Capital Partners LP boosted its stake in shares of Cadence Bank by 12.7% in the fourth quarter. Advantage Alpha Capital Partners LP now owns 17,689 shares of the company’s stock worth $609,000 after acquiring an additional 1,990 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Cadence Bank by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company’s stock worth $705,821,000 after purchasing an additional 191,717 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Stock Down 4.3 %

Shares of Cadence Bank stock opened at $26.39 on Monday. The business’s fifty day simple moving average is $32.29 and its 200-day simple moving average is $33.95. The firm has a market cap of $4.81 billion, a PE ratio of 9.53 and a beta of 0.87. Cadence Bank has a 52 week low of $25.25 and a 52 week high of $40.20.

Cadence Bank (NYSE:CADE) last posted its earnings results on Wednesday, January 22nd. The company reported $0.70 EPS 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 period in the previous year, the company earned $0.40 EPS. As a group, equities analysts expect that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 4.17%. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio (DPR) is 39.71%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Stephens reaffirmed an “overweight” rating and set a $42.00 target price on shares of Cadence Bank in a report on Thursday, January 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $38.00 price objective on shares of Cadence Bank in a research note on Friday, January 24th. Morgan Stanley cut their price objective on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Citigroup boosted their target price on Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Finally, Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $41.00 to $44.00 in a research report on Thursday, December 19th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $38.64.

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.