Point72 Hong Kong Ltd Invests $32,000 in Cadence Bank (NYSE:CADE)

Point72 Hong Kong Ltd bought a new stake in Cadence Bank (NYSE:CADE) in the 3rd quarter, according to its most recent filing with the SEC. The fund bought 1,000 shares of the company’s stock, valued at approximately $32,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of Cadence Bank by 1.2% during the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company’s stock valued at $523,074,000 after acquiring an additional 195,773 shares during the period. Dimensional Fund Advisors LP boosted its position in Cadence Bank by 6.4% during the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock worth $277,874,000 after purchasing an additional 593,878 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Cadence Bank by 4.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,242,486 shares of the company’s stock valued at $71,423,000 after purchasing an additional 105,231 shares during the period. Bank of New York Mellon Corp increased its position in shares of Cadence Bank by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock valued at $59,071,000 after buying an additional 36,323 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its position in shares of Cadence Bank by 16.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock valued at $66,360,000 after buying an additional 291,885 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on CADE. Royal Bank of Canada boosted their price target on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Barclays upped their price target on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” 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 price objective for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. DA Davidson increased their target price on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Truist Financial boosted their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $35.29.

Cadence Bank Price Performance

Cadence Bank stock opened at $37.53 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The stock has a market cap of $6.84 billion, a P/E ratio of 10.78 and a beta of 0.98. The company has a 50-day moving average price of $34.60 and a 200 day moving average price of $31.58. Cadence Bank has a 12-month low of $24.99 and a 12-month high of $40.20.

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

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Friday, December 13th. Cadence Bank’s dividend payout ratio is presently 28.74%.

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.