Ameriprise Financial Inc. Sells 25,166 Shares of Cadence Bank (NYSE:CADE)

Ameriprise Financial Inc. lowered its holdings in shares of Cadence Bank (NYSE:CADE) by 6.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 344,773 shares of the company’s stock after selling 25,166 shares during the period. Ameriprise Financial Inc. owned about 0.19% of Cadence Bank worth $11,902,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Brooklyn Investment Group bought a new position in Cadence Bank in the fourth quarter valued at about $26,000. Mather Group LLC. grew its holdings in shares of Cadence Bank by 716.2% during the 4th quarter. Mather Group LLC. now owns 808 shares of the company’s stock valued at $28,000 after purchasing an additional 709 shares during the last quarter. Keystone Financial Group Inc. bought a new stake in shares of Cadence Bank during the 4th quarter valued at approximately $31,000. Smartleaf Asset Management LLC increased its position 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 purchasing an additional 722 shares in the last quarter. 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 valued at $59,000 after purchasing an additional 1,434 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Price Performance

Cadence Bank stock opened at $31.83 on Monday. The stock’s 50 day moving average is $29.46 and its 200 day moving average is $33.23. The firm has a market cap of $5.80 billion, a P/E ratio of 11.49 and a beta of 0.84. Cadence Bank has a one year low of $25.22 and a one year high of $40.20.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.07. The firm had revenue of $448.55 million during the quarter, compared to analyst estimates of $451.61 million. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter last year, the business earned $0.62 EPS. Equities analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank’s dividend payout ratio is presently 38.60%.

Cadence Bank announced that its Board of Directors has approved a share buyback plan on Friday, April 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Hovde Group boosted their target price on shares of Cadence Bank from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Keefe, Bruyette & Woods boosted their price objective on Cadence Bank from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Friday, May 9th. Stephens reaffirmed an “overweight” rating and issued a $40.00 target price on shares of Cadence Bank in a report on Tuesday, April 22nd. Barclays cut their price target on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Finally, Citigroup boosted their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.82.

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.