Franklin Resources Inc. Takes $947,000 Position in Cadence Bank (NYSE:CADE)

Franklin Resources Inc. purchased a new position in shares of Cadence Bank (NYSE:CADE) during the 3rd quarter, Holdings Channel.com reports. The firm purchased 29,012 shares of the company’s stock, valued at approximately $947,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CADE. V Square Quantitative Management LLC purchased a new position in shares of Cadence Bank during the third quarter worth about $25,000. Point72 Hong Kong Ltd purchased a new position in Cadence Bank during the 3rd quarter worth approximately $32,000. GAMMA Investing LLC increased its position in Cadence Bank by 55.8% during the third quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock worth $50,000 after buying an additional 559 shares during the period. TD Private Client Wealth LLC lifted its stake in Cadence Bank by 23.0% in the third quarter. TD Private Client Wealth LLC now owns 4,954 shares of the company’s stock valued at $158,000 after buying an additional 926 shares during the last quarter. Finally, KBC Group NV boosted its holdings in shares of Cadence Bank by 11.5% in the third quarter. KBC Group NV now owns 5,036 shares of the company’s stock valued at $160,000 after acquiring an additional 519 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Trading Down 1.5 %

NYSE:CADE opened at $34.49 on Friday. Cadence Bank has a 1 year low of $24.99 and a 1 year high of $40.20. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a fifty day moving average price of $36.21 and a two-hundred day moving average price of $32.57. The stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of 9.91 and a beta of 0.98.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, October 21st. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The firm had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. During the same quarter last year, the business earned $0.56 earnings per share. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently disclosed 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 annualized dividend and a yield of 2.90%. The ex-dividend date is Friday, December 13th. Cadence Bank’s payout ratio is currently 28.74%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Royal Bank of Canada lifted their target price 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. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $36.00 to $39.00 in a report on Monday, September 30th. Keefe, Bruyette & Woods raised their price target on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Truist Financial upped their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $41.00 to $44.00 in a research note on Thursday, December 19th. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cadence Bank currently has a consensus rating of “Moderate Buy” and an average target price of $36.88.

Cadence Bank Company 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.