King Luther Capital Management Corp Sells 986 Shares of Cadence Bank (NYSE:CADE)

King Luther Capital Management Corp decreased its stake in shares of Cadence Bank (NYSE:CADE) by 0.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,450 shares of the company’s stock after selling 986 shares during the quarter. King Luther Capital Management Corp owned approximately 0.07% of Cadence Bank worth $3,809,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wells Fargo & Company MN increased its position in Cadence Bank by 26.3% during the 4th quarter. Wells Fargo & Company MN now owns 114,265 shares of the company’s stock valued at $3,936,000 after purchasing an additional 23,809 shares during the period. Envestnet Asset Management Inc. increased its position in Cadence Bank by 2.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 60,745 shares of the company’s stock valued at $2,093,000 after purchasing an additional 1,494 shares during the period. Cerity Partners LLC increased its position in Cadence Bank by 4.7% during the 4th quarter. Cerity Partners LLC now owns 67,392 shares of the company’s stock valued at $2,173,000 after purchasing an additional 3,015 shares during the period. Bank of Montreal Can increased its position in Cadence Bank by 7.2% during the 4th quarter. Bank of Montreal Can now owns 36,514 shares of the company’s stock valued at $1,258,000 after purchasing an additional 2,462 shares during the period. Finally, Sterling Capital Management LLC increased its position in Cadence Bank by 9.0% during the 4th quarter. Sterling Capital Management LLC now owns 62,554 shares of the company’s stock valued at $2,155,000 after purchasing an additional 5,187 shares during the period. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Performance

Shares of NYSE CADE opened at $34.12 on Tuesday. 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 has a 12 month low of $25.22 and a 12 month high of $40.20. The company has a 50 day simple moving average of $33.26 and a two-hundred day simple moving average of $31.80. The stock has a market cap of $6.22 billion, a price-to-earnings ratio of 12.14 and a beta of 0.89.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.69 by $0.04. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. The business had revenue of $476.32 million during the quarter, compared to analysts’ expectations of $467.60 million. During the same period in the previous year, the business posted $0.73 EPS. As a group, analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank announced that its Board of Directors has approved a stock repurchase plan on Friday, April 25th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Cadence Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.2%. The ex-dividend date is Monday, September 15th. Cadence Bank’s payout ratio is presently 39.15%.

Analysts Set New Price Targets

A number of research firms have commented on CADE. Royal Bank Of Canada raised their target price on shares of Cadence Bank from $34.00 to $37.00 and gave the company a “sector perform” rating in a research report on Friday, July 25th. Wall Street Zen downgraded shares of Cadence Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. DA Davidson lifted their price objective on shares of Cadence Bank from $37.00 to $42.00 and gave the stock a “buy” rating in a research report on Monday, July 28th. Stephens lifted their price objective on shares of Cadence Bank from $41.00 to $42.00 and gave the stock an “overweight” rating in a research report on Monday, July 28th. Finally, Barclays reaffirmed an “overweight” rating and issued a $41.00 price objective (up previously from $38.00) on shares of Cadence Bank in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.40.

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.