Synovus Financial Corp Acquires 7,768 Shares of Cadence Bank $CADE

Key Points

• Synovus Financial Corp has increased its stake in Cadence Bank by 26.9%, acquiring an additional 7,768 shares to bring its total holdings to 36,667 shares valued at approximately $1.11 million.
• Cadence Bank's stock has shown a significant performance with a market cap of $6.85 billion, trading at $37.60, with a 12-month high of $40.20.
• The bank announced a quarterly dividend of $0.275 per share, translating to an annualized dividend yield of 2.9%.

Synovus Financial Corp increased its holdings in shares of Cadence Bank (NYSE:CADE - Free Report) by 26.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 36,667 shares of the company's stock after purchasing an additional 7,768 shares during the period. Synovus Financial Corp's holdings in Cadence Bank were worth $1,113,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CADE. Wellington Management Group LLP boosted its stake in shares of Cadence Bank by 7.8% during the first quarter. Wellington Management Group LLP now owns 13,481,585 shares of the company's stock valued at $409,301,000 after purchasing an additional 980,369 shares in the last quarter. Millennium Management LLC lifted its position in Cadence Bank by 846.1% during the fourth quarter. Millennium Management LLC now owns 1,052,906 shares of the company's stock valued at $36,273,000 after acquiring an additional 941,613 shares during the last quarter. Nuveen LLC purchased a new stake in Cadence Bank during the first quarter valued at approximately $20,090,000. Bessemer Group Inc. lifted its position in Cadence Bank by 76,386.7% during the first quarter. Bessemer Group Inc. now owns 615,718 shares of the company's stock valued at $18,694,000 after acquiring an additional 614,913 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Cadence Bank by 15.0% during the fourth quarter. Northern Trust Corp now owns 2,684,312 shares of the company's stock valued at $92,475,000 after acquiring an additional 350,660 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Trading Up 1.7%

NYSE CADE opened at $37.60 on Wednesday. The company has a fifty day simple moving average of $34.46 and a two-hundred day simple moving average of $31.89. The stock has a market cap of $6.85 billion, a P/E ratio of 13.38 and a beta of 0.89. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $40.20. 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 - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. The business had revenue of $476.32 million during the quarter, compared to analysts' expectations of $467.60 million. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. During the same quarter last year, the company posted $0.73 earnings per share. On average, analysts forecast that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.9%. Cadence Bank's dividend payout ratio (DPR) is currently 39.15%.

Analyst Ratings Changes

A number of equities research analysts recently commented on CADE shares. Barclays reissued an "overweight" rating and set a $41.00 target price (up previously from $38.00) on shares of Cadence Bank in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods increased their target price on shares of Cadence Bank from $40.00 to $41.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Piper Sandler increased their target price on shares of Cadence Bank from $42.00 to $43.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. DA Davidson increased their target price on shares of Cadence Bank from $37.00 to $42.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Finally, Stephens increased their target price on shares of Cadence Bank from $41.00 to $42.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $40.40.

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.

Want to see what other hedge funds are holding CADE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Bank (NYSE:CADE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.