Cerity Partners LLC Lowers Stake in Cadence Bank (NYSE:CADE)

Cerity Partners LLC lowered its stake in shares of Cadence Bank (NYSE:CADE) by 3.1% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 65,301 shares of the company’s stock after selling 2,091 shares during the period. Cerity Partners LLC’s holdings in Cadence Bank were worth $1,983,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Abound Wealth Management lifted its holdings in Cadence Bank by 223.3% during the 1st quarter. Abound Wealth Management now owns 1,665 shares of the company’s stock worth $51,000 after buying an additional 1,150 shares in the last quarter. UMB Bank n.a. lifted its holdings in Cadence Bank by 169.6% during the 1st quarter. UMB Bank n.a. now owns 1,774 shares of the company’s stock worth $54,000 after buying an additional 1,116 shares in the last quarter. State of Wyoming lifted its holdings in Cadence Bank by 172.4% during the 4th quarter. State of Wyoming now owns 2,359 shares of the company’s stock worth $81,000 after buying an additional 1,493 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Cadence Bank by 55.3% during the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company’s stock worth $88,000 after buying an additional 1,030 shares in the last quarter. Finally, CX Institutional acquired a new stake in Cadence Bank during the 1st quarter worth approximately $122,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Cadence Bank Price Performance

Shares of NYSE:CADE opened at $34.91 on Monday. The company’s fifty day moving average price is $32.00 and its 200 day moving average price is $31.80. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $6.36 billion, a P/E ratio of 12.25 and a beta of 0.84.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, April 21st. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.64 by $0.07. Cadence Bank had a net margin of 18.83% and a return on equity of 9.95%. The firm had revenue of $448.55 million for the quarter, compared to analyst estimates of $451.61 million. During the same period last year, the business earned $0.62 EPS. As a group, sell-side analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank announced that its Board of Directors has approved a stock buyback program on Friday, April 25th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.10 annualized dividend and a yield of 3.15%. Cadence Bank’s dividend payout ratio is currently 38.60%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CADE shares. Barclays reiterated an “overweight” rating and set a $41.00 target price (up from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Royal Bank Of Canada reduced their target price on shares of Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. Stephens reiterated an “overweight” rating and set a $40.00 target price on shares of Cadence Bank in a report on Tuesday, April 22nd. DA Davidson reduced their target price on shares of Cadence Bank from $42.00 to $37.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Finally, Piper Sandler upgraded shares of Cadence Bank from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $36.00 to $42.00 in a report on Tuesday, July 8th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Bank has a consensus rating of “Moderate Buy” and an average target price of $38.50.

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.