ExodusPoint Capital Management LP Grows Stock Position in Cadence Bank (NYSE:CADE)

ExodusPoint Capital Management LP lifted its stake in Cadence Bank (NYSE:CADE) by 26.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 218,416 shares of the company’s stock after acquiring an additional 46,293 shares during the quarter. ExodusPoint Capital Management LP’s holdings in Cadence Bank were worth $7,524,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CADE. Brooklyn Investment Group acquired a new position in Cadence Bank in the fourth quarter valued at approximately $26,000. Mather Group LLC. lifted its stake in shares of Cadence Bank by 716.2% in the 4th quarter. Mather Group LLC. now owns 808 shares of the company’s stock valued at $28,000 after purchasing an additional 709 shares during the period. Keystone Financial Group Inc. acquired a new stake in Cadence Bank during the fourth quarter valued at $31,000. Smartleaf Asset Management LLC increased its holdings in Cadence Bank by 163.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock valued at $40,000 after buying an additional 722 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its position in shares of Cadence Bank by 504.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company’s stock worth $59,000 after acquiring an additional 1,434 shares during the period. 84.61% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently commented on CADE. Morgan Stanley cut their price target on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Citigroup boosted their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Royal Bank of Canada reiterated a “sector perform” rating and set a $38.00 target price on shares of Cadence Bank in a research report on Friday, January 24th. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $41.00 to $44.00 in a research report on Thursday, December 19th. Finally, Hovde Group dropped their target price on shares of Cadence Bank from $40.00 to $35.00 and set a “market perform” rating on the stock in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Cadence Bank presently has a consensus rating of “Moderate Buy” and an average price target of $38.64.

Cadence Bank Trading Down 4.3 %

CADE stock opened at $26.39 on Friday. The firm has a 50-day moving average of $32.29 and a two-hundred day moving average of $33.92. Cadence Bank has a 12 month low of $25.25 and a 12 month high of $40.20. The company has a market cap of $4.81 billion, a price-to-earnings ratio of 9.53 and a beta of 0.87.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.68 by $0.02. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period in the previous year, the firm earned $0.40 earnings per share. As a group, equities analysts forecast that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 4.17%. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s payout ratio is currently 39.71%.

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.