Cadence Bank Decreases Position in Cadence Bank $CADE

Cadence Bank lessened its holdings in Cadence Bank (NYSE:CADE) by 0.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 662,026 shares of the company’s stock after selling 5,637 shares during the quarter. Cadence Bank accounts for 1.4% of Cadence Bank’s investment portfolio, making the stock its 14th biggest position. Cadence Bank owned 0.36% of Cadence Bank worth $20,099,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Cadence Bank in the 1st quarter worth $40,000. Abound Wealth Management raised its position in Cadence Bank by 223.3% in the 1st quarter. Abound Wealth Management now owns 1,665 shares of the company’s stock worth $51,000 after purchasing an additional 1,150 shares during the period. UMB Bank n.a. raised its position in Cadence Bank by 169.6% in the 1st quarter. UMB Bank n.a. now owns 1,774 shares of the company’s stock worth $54,000 after purchasing an additional 1,116 shares during the period. State of Wyoming raised its position in Cadence Bank by 172.4% in the 4th quarter. State of Wyoming now owns 2,359 shares of the company’s stock worth $81,000 after purchasing an additional 1,493 shares during the period. Finally, GAMMA Investing LLC lifted its position in Cadence Bank by 55.3% in the first quarter. GAMMA Investing LLC now owns 2,892 shares of the company’s stock valued at $88,000 after purchasing an additional 1,030 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

CADE has been the subject of several recent research reports. Barclays reiterated 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. DA Davidson boosted their price objective on Cadence Bank from $37.00 to $42.00 and gave the company a “buy” rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods boosted their price objective on Cadence Bank from $40.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, July 28th. Wall Street Zen downgraded Cadence Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. Finally, Piper Sandler boosted their price objective on Cadence Bank from $42.00 to $43.00 and gave the company an “overweight” rating in a research report on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $40.40.

Cadence Bank Price Performance

Shares of Cadence Bank stock opened at $37.2280 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25. The company has a market cap of $6.78 billion, a PE ratio of 13.25 and a beta of 0.89. The business has a 50 day moving average of $34.17 and a 200 day moving average of $31.89. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20.

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

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Monday, September 15th. Cadence Bank’s dividend payout ratio is presently 39.15%.

Cadence Bank announced that its Board of Directors has authorized a stock buyback program on Friday, April 25th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.