Mutual of America Capital Management LLC Sells 1,774 Shares of Cadence Bank $CADE

Mutual of America Capital Management LLC reduced its stake in Cadence Bank (NYSE:CADE) by 1.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 92,686 shares of the company’s stock after selling 1,774 shares during the period. Mutual of America Capital Management LLC’s holdings in Cadence Bank were worth $2,965,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in CADE. Wellington Management Group LLP lifted its stake in Cadence Bank by 7.8% during the first quarter. Wellington Management Group LLP now owns 13,481,585 shares of the company’s stock worth $409,301,000 after purchasing an additional 980,369 shares during the last quarter. AQR Capital Management LLC lifted its stake in Cadence Bank by 1,802.4% during the first quarter. AQR Capital Management LLC now owns 764,776 shares of the company’s stock worth $22,790,000 after purchasing an additional 724,576 shares during the last quarter. Nuveen LLC bought a new stake in Cadence Bank during the first quarter worth $20,090,000. Bessemer Group Inc. lifted its stake in Cadence Bank by 76,386.7% during the first quarter. Bessemer Group Inc. now owns 615,718 shares of the company’s stock worth $18,694,000 after purchasing an additional 614,913 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its stake in Cadence Bank by 19.9% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 2,896,820 shares of the company’s stock worth $92,640,000 after purchasing an additional 480,622 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CADE shares. Stephens upped their target price on Cadence Bank from $41.00 to $42.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. Royal Bank Of Canada upped their target price on Cadence Bank from $37.00 to $43.00 and gave the stock a “sector perform” rating in a research note on Friday, October 10th. Piper Sandler upped their target price on Cadence Bank from $42.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. Morgan Stanley upped their price target on shares of Cadence Bank from $38.00 to $47.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Finally, Barclays upped their price target on shares of Cadence Bank from $43.00 to $46.00 and gave the stock an “overweight” rating in a report on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $42.44.

Cadence Bank Stock Up 3.1%

Shares of NYSE:CADE opened at $36.51 on Friday. The company has a fifty day moving average of $37.34 and a 200-day moving average of $33.72. The company has a market capitalization of $6.65 billion, a PE ratio of 13.23 and a beta of 0.88. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.23.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 20th. The company reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.04. The company had revenue of $517.24 million during the quarter, compared to the consensus estimate of $523.60 million. Cadence Bank had a net margin of 18.15% and a return on equity of 10.08%. During the same period in the prior year, the business earned $0.73 earnings per share. On average, equities analysts predict that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Monday, December 15th. Cadence Bank’s dividend payout ratio is presently 39.86%.

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.