Cibc World Markets Corp Invests $587,000 in Cadence Bank (NYSE:CADE)

Cibc World Markets Corp acquired a new position in shares of Cadence Bank (NYSE:CADE) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 17,049 shares of the company’s stock, valued at approximately $587,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Brooklyn Investment Group acquired a new stake in shares of Cadence Bank in the 4th quarter worth about $26,000. Mather Group LLC. raised its holdings in shares of Cadence Bank by 716.2% in the 4th quarter. Mather Group LLC. now owns 808 shares of the company’s stock worth $28,000 after acquiring an additional 709 shares during the last quarter. Keystone Financial Group Inc. acquired a new stake in shares of Cadence Bank in the 4th quarter worth about $31,000. Point72 Hong Kong Ltd acquired a new stake in shares of Cadence Bank in the 3rd quarter worth about $32,000. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Cadence Bank by 163.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock worth $40,000 after acquiring an additional 722 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Trading Up 0.6 %

CADE opened at $30.30 on Friday. The company has a 50 day moving average of $33.34 and a 200 day moving average of $34.02. The company has a market cap of $5.52 billion, a PE ratio of 10.94 and a beta of 0.96. Cadence Bank has a 12 month low of $26.16 and a 12 month high of $40.20.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, topping the consensus estimate 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 prior year, the firm posted $0.40 earnings per share. Research analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.63%. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, March 14th. Cadence Bank’s dividend payout ratio (DPR) is presently 39.71%.

Analyst Upgrades and Downgrades

CADE has been the subject of several analyst reports. Citigroup increased their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $38.00 price objective on shares of Cadence Bank in a research note on Friday, January 24th. Keefe, Bruyette & Woods increased their price objective on shares of Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $41.00 to $44.00 in a research note on Thursday, December 19th. Finally, Stephens restated an “overweight” rating and set a $42.00 price target on shares of Cadence Bank in a research note on Thursday, January 23rd. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.77.

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.