Mirae Asset Global Investments Co. Ltd. Has $3.68 Million Stock Holdings in Cadence Bank (NYSE:CADE)

Mirae Asset Global Investments Co. Ltd. increased its holdings in Cadence Bank (NYSE:CADE) by 50.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 124,197 shares of the company’s stock after purchasing an additional 41,533 shares during the period. Mirae Asset Global Investments Co. Ltd. owned approximately 0.07% of Cadence Bank worth $3,675,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Householder Group Estate & Retirement Specialist LLC acquired a new position in Cadence Bank in the third quarter worth about $25,000. State of Wyoming bought a new stake in Cadence Bank during the fourth quarter worth about $25,000. Fifth Third Bancorp grew its stake in Cadence Bank by 165.8% during the third quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock worth $31,000 after buying an additional 905 shares during the last quarter. Sunbelt Securities Inc. grew its stake in Cadence Bank by 102.9% during the second quarter. Sunbelt Securities Inc. now owns 1,800 shares of the company’s stock worth $35,000 after buying an additional 913 shares during the last quarter. Finally, Ronald Blue Trust Inc. grew its stake in Cadence Bank by 166.6% during the third quarter. Ronald Blue Trust Inc. now owns 3,674 shares of the company’s stock worth $72,000 after buying an additional 2,296 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Trading Down 1.6 %

Shares of NYSE CADE opened at $26.40 on Wednesday. The company’s 50 day simple moving average is $27.52 and its 200 day simple moving average is $26.28. Cadence Bank has a fifty-two week low of $16.95 and a fifty-two week high of $31.45. The firm has a market capitalization of $4.82 billion, a P/E ratio of 9.07 and a beta of 1.02. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.86 and a quick ratio of 0.85.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, January 29th. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.13). Cadence Bank had a net margin of 23.33% and a return on equity of 9.55%. The business had revenue of $23.15 million during the quarter, compared to analyst estimates of $433.99 million. On average, analysts predict that Cadence Bank will post 2.38 EPS for the current year.

Cadence Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a $0.25 dividend. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend was Thursday, March 14th. Cadence Bank’s dividend payout ratio is currently 34.36%.

Wall Street Analysts Forecast Growth

CADE has been the topic of several research analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $31.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 9th. Barclays initiated coverage on shares of Cadence Bank in a research note on Friday, March 8th. They set an “equal weight” rating and a $28.00 price objective on the stock. Morgan Stanley upped their price objective on shares of Cadence Bank from $24.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. 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 research note on Monday, April 1st. Finally, Hovde Group cut shares of Cadence Bank from an “outperform” rating to a “market perform” rating and set a $32.50 price target on the stock. in a research note on Tuesday, January 30th. Six research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $30.65.

Cadence Bank Company 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.