Vanguard Group Inc. Reduces Stock Position in Cadence Bank (NYSE:CADE)

Vanguard Group Inc. trimmed its stake in Cadence Bank (NYSE:CADE) by 1.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,249,360 shares of the company’s stock after selling 238,917 shares during the period. Vanguard Group Inc. owned 11.11% of Cadence Bank worth $614,771,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CADE. Wells Fargo & Company MN lifted its position in shares of Cadence Bank by 26.3% in the 4th quarter. Wells Fargo & Company MN now owns 114,265 shares of the company’s stock worth $3,936,000 after purchasing an additional 23,809 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Cadence Bank by 2.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 60,745 shares of the company’s stock worth $2,093,000 after purchasing an additional 1,494 shares during the period. Cerity Partners LLC lifted its position in shares of Cadence Bank by 4.7% in the 4th quarter. Cerity Partners LLC now owns 67,392 shares of the company’s stock worth $2,173,000 after purchasing an additional 3,015 shares during the period. Bank of Montreal Can lifted its position in shares of Cadence Bank by 7.2% in the 4th quarter. Bank of Montreal Can now owns 36,514 shares of the company’s stock worth $1,258,000 after purchasing an additional 2,462 shares during the period. Finally, Synovus Financial Corp lifted its position in shares of Cadence Bank by 8.5% in the 4th quarter. Synovus Financial Corp now owns 28,899 shares of the company’s stock worth $996,000 after purchasing an additional 2,272 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Barclays reaffirmed an “overweight” rating and issued a $41.00 target price (up from $38.00) on shares of Cadence Bank in a research report on Tuesday, July 8th. Hovde Group increased their price target on shares of Cadence Bank from $34.00 to $40.00 and gave the stock a “market perform” rating in a research note on Monday, July 28th. Stephens increased their price target on shares of Cadence Bank from $41.00 to $42.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. Wall Street Zen lowered shares of Cadence Bank from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Finally, DA Davidson increased their price target on shares of Cadence Bank from $37.00 to $42.00 and gave the stock a “buy” rating in a research note on Monday, July 28th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.40.

Cadence Bank Stock Up 2.3%

NYSE:CADE opened at $36.17 on Thursday. The firm has a market cap of $6.59 billion, a P/E ratio of 12.87 and a beta of 0.89. 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 fifty-two week low of $25.22 and a fifty-two week high of $40.20. The firm has a 50-day simple moving average of $33.47 and a two-hundred day simple moving average of $31.85.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. The business had revenue of $476.32 million during the quarter, compared to analyst estimates of $467.60 million. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. During the same period last year, the business earned $0.73 EPS. Analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Monday, September 15th. Cadence Bank’s dividend payout ratio (DPR) is currently 39.15%.

Cadence Bank announced that its board has authorized a share repurchase plan on Friday, April 25th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

About Cadence Bank

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.