Fisher Asset Management LLC Sells 353,386 Shares of Cadence Bank (NYSE:CADE)

Fisher Asset Management LLC trimmed its holdings in Cadence Bank (NYSE:CADE - Free Report) by 17.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,654,183 shares of the company's stock after selling 353,386 shares during the period. Fisher Asset Management LLC owned 0.91% of Cadence Bank worth $48,947,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Wellington Management Group LLP boosted its position in Cadence Bank by 15.7% during the third quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company's stock worth $166,110,000 after purchasing an additional 1,063,055 shares during the period. Vaughan Nelson Investment Management L.P. raised its holdings in Cadence Bank by 81.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company's stock worth $45,344,000 after acquiring an additional 687,025 shares during the period. American Century Companies Inc. lifted its position in Cadence Bank by 35.7% during the 3rd quarter. American Century Companies Inc. now owns 1,258,097 shares of the company's stock worth $26,697,000 after acquiring an additional 331,097 shares during the last quarter. Comerica Bank acquired a new position in Cadence Bank during the 3rd quarter worth $5,177,000. Finally, Graham Capital Management L.P. bought a new stake in Cadence Bank during the third quarter valued at about $3,765,000. Institutional investors and hedge funds own 84.61% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on CADE. Barclays boosted their price objective on Cadence Bank from $28.00 to $29.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 24th. DA Davidson restated a "buy" rating on shares of Cadence Bank in a research note on Monday, January 15th. Jefferies Financial Group cut their target price on shares of Cadence Bank from $30.00 to $29.00 and set a "hold" rating for the company in a research note on Monday, April 8th. Truist Financial increased their price target on shares of Cadence Bank from $32.00 to $33.00 and gave the company a "buy" rating in a report on Monday, April 1st. Finally, TheStreet downgraded shares of Cadence Bank from a "b" rating to a "c" rating in a report on Tuesday, January 30th. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Cadence Bank has an average rating of "Moderate Buy" and a consensus target price of $31.09.

Cadence Bank Price Performance

CADE traded up $0.27 during midday trading on Friday, reaching $29.00. 539,998 shares of the company's stock were exchanged, compared to its average volume of 1,234,796. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The business has a 50-day simple moving average of $27.84 and a two-hundred day simple moving average of $26.85. The firm has a market capitalization of $5.30 billion, a price-to-earnings ratio of 9.27 and a beta of 1.01. Cadence Bank has a one year low of $16.95 and a one year high of $31.45.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its earnings results on Friday, April 26th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.54 by $0.08. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The business had revenue of $437.69 million during the quarter, compared to the consensus estimate of $427.18 million. During the same quarter last year, the company earned $0.68 EPS. Cadence Bank's revenue was up 12.6% on a year-over-year basis. As a group, research analysts predict that Cadence Bank will post 2.48 EPS for the current year.

Cadence Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.45%. The ex-dividend date is Friday, June 14th. Cadence Bank's payout ratio is 31.95%.

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.