Legal & General Group Plc Increases Position in Cadence Bank $CADE

Legal & General Group Plc increased its holdings in Cadence Bank (NYSE:CADE) by 2.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 301,941 shares of the company’s stock after acquiring an additional 7,042 shares during the period. Legal & General Group Plc owned about 0.17% of Cadence Bank worth $9,656,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. FNY Investment Advisers LLC purchased a new position in Cadence Bank in the second quarter worth $25,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Cadence Bank during the 1st quarter worth $40,000. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Cadence Bank by 47.2% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 1,870 shares of the company’s stock worth $60,000 after buying an additional 600 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Cadence Bank in the 2nd quarter worth about $65,000. Finally, Americana Partners LLC bought a new position in Cadence Bank during the second quarter valued at about $201,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Stock Performance

Shares of CADE stock opened at $40.53 on Tuesday. The firm’s 50 day moving average is $37.97 and its 200 day moving average is $35.48. The stock has a market capitalization of $7.38 billion, a P/E ratio of 14.68 and a beta of 0.95. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.56. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25.

Cadence Bank (NYSE:CADE) last issued its earnings results on Monday, October 20th. The company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.04. The business had revenue of $517.24 million for the quarter, compared to analysts’ expectations of $523.60 million. Cadence Bank had a net margin of 18.15% and a return on equity of 10.08%. During the same quarter in the previous year, the firm posted $0.73 EPS. On average, sell-side analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.10 dividend on an annualized basis and a yield of 2.7%. Cadence Bank’s dividend payout ratio is 39.86%.

Analyst Ratings Changes

Several brokerages have commented on CADE. Zacks Research lowered shares of Cadence Bank from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Keefe, Bruyette & Woods lowered shares of Cadence Bank from a “moderate buy” rating to a “hold” rating and raised their price target for the stock from $41.00 to $49.00 in a research note on Monday, November 3rd. Barclays cut shares of Cadence Bank from an “overweight” rating to a “hold” rating in a report on Tuesday, October 28th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cadence Bank in a report on Wednesday, October 8th. Finally, Morgan Stanley lowered Cadence Bank from an “overweight” rating to a “sell” rating in a research note on Tuesday, October 28th. Two equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $42.33.

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.