Fisher Asset Management LLC Sells 4,858 Shares of Cadence Bank (NYSE:CADE)

Fisher Asset Management LLC cut its holdings in Cadence Bank (NYSE:CADE) by 0.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,391,156 shares of the company’s stock after selling 4,858 shares during the period. Fisher Asset Management LLC’s holdings in Cadence Bank were worth $44,308,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CADE. Lazard Asset Management LLC increased its stake in Cadence Bank by 125.0% during the first quarter. Lazard Asset Management LLC now owns 8,181 shares of the company’s stock worth $236,000 after acquiring an additional 4,545 shares during the last quarter. Tidal Investments LLC bought a new position in shares of Cadence Bank during the 1st quarter valued at approximately $209,000. GAMMA Investing LLC increased its position in shares of Cadence Bank by 77.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after purchasing an additional 436 shares during the last quarter. Chickasaw Capital Management LLC purchased a new stake in Cadence Bank during the 2nd quarter valued at $369,000. Finally, Diversified Trust Co lifted its position in Cadence Bank by 6.9% in the second quarter. Diversified Trust Co now owns 41,792 shares of the company’s stock worth $1,182,000 after buying an additional 2,692 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Price Performance

Shares of CADE stock opened at $38.63 on Wednesday. The stock has a market capitalization of $7.04 billion, a price-to-earnings ratio of 11.10 and a beta of 0.95. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. Cadence Bank has a twelve month low of $24.15 and a twelve month high of $40.20. The stock has a fifty day simple moving average of $33.99 and a two-hundred day simple moving average of $31.26.

Cadence Bank (NYSE:CADE) last issued its earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping 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 company had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. During the same period in the prior year, the business earned $0.56 EPS. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. On average, analysts predict that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s payout ratio is 28.74%.

Analysts Set New Price Targets

CADE has been the topic of a number of analyst reports. DA Davidson boosted their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada increased their price objective on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $36.00 to $39.00 in a research report on Monday, September 30th. Truist Financial increased their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Barclays boosted their price objective on Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.29.

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.