The Manufacturers Life Insurance Company Decreases Stake in Cadence Bank (NYSE:CADE)

The Manufacturers Life Insurance Company cut its holdings in shares of Cadence Bank (NYSE:CADE) by 1.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 490,762 shares of the company’s stock after selling 8,728 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Cadence Bank were worth $16,907,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Brooklyn Investment Group purchased a new stake in Cadence Bank during the 4th quarter worth about $26,000. Mather Group LLC. lifted its holdings in shares of Cadence Bank by 716.2% in the fourth quarter. Mather Group LLC. now owns 808 shares of the company’s stock worth $28,000 after buying an additional 709 shares in the last quarter. Keystone Financial Group Inc. purchased a new position in Cadence Bank during the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC increased its holdings in Cadence Bank by 163.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock worth $40,000 after acquiring an additional 722 shares during the period. Finally, Parkside Financial Bank & Trust lifted its stake in Cadence Bank by 504.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company’s stock worth $59,000 after purchasing an additional 1,434 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CADE shares. Piper Sandler reduced their price target on shares of Cadence Bank from $38.00 to $36.00 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd. Hovde Group upped their target price on Cadence Bank from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Royal Bank of Canada lowered their price target on Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. DA Davidson cut their price objective on Cadence Bank from $42.00 to $37.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Finally, Barclays lowered their target price on shares of Cadence Bank from $44.00 to $38.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.27.

Cadence Bank Trading Up 2.1 %

CADE opened at $30.31 on Friday. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20. The business’s 50-day moving average price is $29.46 and its 200-day moving average price is $33.39. The company has a market cap of $5.52 billion, a P/E ratio of 10.94 and a beta of 0.84.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, April 21st. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.07. The business had revenue of $448.55 million for the quarter, compared to analysts’ expectations of $451.61 million. 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 $0.62 EPS. Equities research analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.10 annualized dividend and a yield of 3.63%. Cadence Bank’s payout ratio is currently 38.60%.

Cadence Bank declared that its board has initiated a share repurchase plan on Friday, April 25th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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.