Dimensional Fund Advisors LP Has $277.87 Million Position in Cadence Bank (NYSE:CADE)

Dimensional Fund Advisors LP raised its position in shares of Cadence Bank (NYSE:CADE) by 6.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,825,909 shares of the company’s stock after purchasing an additional 593,878 shares during the quarter. Dimensional Fund Advisors LP owned 5.39% of Cadence Bank worth $277,874,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Cadence Bank by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock valued at $587,867,000 after acquiring an additional 940,895 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Cadence Bank by 7.3% during the 4th quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock valued at $248,633,000 after acquiring an additional 574,633 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Cadence Bank by 1.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock valued at $59,071,000 after acquiring an additional 36,323 shares in the last quarter. Norges Bank purchased a new position in shares of Cadence Bank during the 4th quarter valued at $60,490,000. Finally, Vaughan Nelson Investment Management L.P. grew its holdings in shares of Cadence Bank by 1.8% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,791,633 shares of the company’s stock valued at $50,667,000 after acquiring an additional 31,815 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on CADE. Royal Bank of Canada boosted their price target on shares of Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, July 24th. Hovde Group boosted their price target on shares of Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Stephens reiterated an “overweight” rating and issued a $35.00 price objective on shares of Cadence Bank in a report on Tuesday, July 23rd. Piper Sandler cut shares of Cadence Bank from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $33.00 to $34.00 in a report on Wednesday, July 24th. Finally, DA Davidson upped their price objective on shares of Cadence Bank from $34.50 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Cadence Bank presently has an average rating of “Moderate Buy” and a consensus price target of $34.54.

Cadence Bank Price Performance

Cadence Bank stock opened at $31.99 on Wednesday. The business has a 50 day simple moving average of $31.12 and a 200 day simple moving average of $29.15. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $5.83 billion, a PE ratio of 10.22 and a beta of 0.97. Cadence Bank has a one year low of $19.67 and a one year high of $34.13.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The company had revenue of $742.87 million during the quarter, compared to analysts’ expectations of $439.63 million. During the same period last year, the business earned $0.64 earnings per share. On average, sell-side analysts forecast that Cadence Bank will post 2.56 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date is Friday, September 13th. Cadence Bank’s dividend payout ratio is currently 31.95%.

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.