Premier Fund Managers Ltd Purchases Shares of 14,669 Cadence Bank (NYSE:CADE)

Premier Fund Managers Ltd acquired a new stake in shares of Cadence Bank (NYSE:CADE) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 14,669 shares of the company’s stock, valued at approximately $504,000.

Several other large investors have also modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its position in shares of Cadence Bank by 4.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,242,486 shares of the company’s stock worth $71,423,000 after buying an additional 105,231 shares during the period. Citigroup Inc. increased its stake in Cadence Bank by 14.5% during the third quarter. Citigroup Inc. now owns 296,511 shares of the company’s stock worth $9,444,000 after acquiring an additional 37,586 shares during the last quarter. Cerity Partners LLC raised its holdings in shares of Cadence Bank by 31.2% in the 3rd quarter. Cerity Partners LLC now owns 64,377 shares of the company’s stock worth $2,050,000 after purchasing an additional 15,312 shares during the period. Algert Global LLC lifted its stake in shares of Cadence Bank by 2.8% in the 3rd quarter. Algert Global LLC now owns 18,920 shares of the company’s stock valued at $603,000 after purchasing an additional 522 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Cadence Bank in the 3rd quarter valued at about $492,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Stock Performance

NYSE:CADE opened at $30.12 on Friday. Cadence Bank has a one year low of $26.16 and a one year high of $40.20. The business’s 50-day simple moving average is $32.92 and its 200 day simple moving average is $33.99. The stock has a market cap of $5.49 billion, a price-to-earnings ratio of 10.87 and a beta of 0.96.

Cadence Bank (NYSE:CADE) last released its earnings results on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.68 by $0.02. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same quarter in the previous year, the company posted $0.40 earnings per share. On average, equities research 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 given a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.10 annualized dividend and a dividend yield of 3.65%. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s payout ratio is presently 39.71%.

Analyst Ratings Changes

CADE has been the subject of a number of research analyst reports. Morgan Stanley dropped their target price on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Stephens reissued an “overweight” rating and issued a $42.00 target price on shares of Cadence Bank in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods upped their price target 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. Citigroup raised their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Finally, Royal Bank of Canada reaffirmed 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 given a buy rating to the company’s stock. According to data from MarketBeat, Cadence Bank currently has an average rating of “Moderate Buy” and a consensus target price of $38.77.

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.