Nordea Investment Management AB Sells 809 Shares of Cadence Bank (NYSE:CADE)

Nordea Investment Management AB trimmed its holdings in shares of Cadence Bank (NYSE:CADEFree Report) by 0.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 116,079 shares of the company’s stock after selling 809 shares during the quarter. Nordea Investment Management AB owned 0.06% of Cadence Bank worth $3,384,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CADE. Norges Bank purchased a new stake in shares of Cadence Bank during the 4th quarter valued at about $60,490,000. Wellington Management Group LLP raised its position in shares of Cadence Bank by 15.7% during the 3rd quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock valued at $166,110,000 after buying an additional 1,063,055 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its position in shares of Cadence Bank by 81.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock valued at $45,344,000 after buying an additional 687,025 shares in the last quarter. Ranger Investment Management L.P. raised its position in shares of Cadence Bank by 59.4% during the 4th quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock valued at $31,205,000 after buying an additional 393,037 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Cadence Bank by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock valued at $273,421,000 after buying an additional 376,989 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Price Performance

Shares of CADE stock opened at $28.10 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market capitalization of $5.12 billion, a P/E ratio of 8.98 and a beta of 0.98. The company’s 50-day simple moving average is $28.30 and its two-hundred day simple moving average is $28.07. Cadence Bank has a one year low of $19.42 and a one year high of $31.45.

Cadence Bank (NYSE:CADEGet Free Report) last issued its earnings results on Friday, April 26th. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. The business had revenue of $437.69 million for the quarter, compared to the consensus estimate of $427.18 million. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.68 EPS. As a group, equities analysts anticipate that Cadence Bank will post 2.48 EPS for the current year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, June 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.56%. Cadence Bank’s dividend payout ratio is presently 31.95%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CADE. Jefferies Financial Group decreased their target price on shares of Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Barclays increased their price objective on shares of Cadence Bank from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Monday, June 24th. Hovde Group raised shares of Cadence Bank from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $32.50 to $33.00 in a research report on Wednesday, April 24th. Keefe, Bruyette & Woods increased their price objective on shares of Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $31.00 price objective on shares of Cadence Bank in a research report on Tuesday, April 9th. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.00.

Check Out Our Latest Stock Analysis on Cadence Bank

About Cadence Bank

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Cadence Bank (NYSE:CADE)

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