Thrivent Financial for Lutherans Has $4.56 Million Holdings in Cadence Bank $CADE

Thrivent Financial for Lutherans decreased its position in shares of Cadence Bank (NYSE:CADE) by 37.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 142,501 shares of the company’s stock after selling 85,442 shares during the quarter. Thrivent Financial for Lutherans owned about 0.08% of Cadence Bank worth $4,557,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Raymond James Financial Inc. increased its position in shares of Cadence Bank by 3.2% during the first quarter. Raymond James Financial Inc. now owns 396,201 shares of the company’s stock worth $12,029,000 after buying an additional 12,319 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Cadence Bank during the first quarter valued at $40,000. Martingale Asset Management L P acquired a new stake in Cadence Bank during the 1st quarter worth about $708,000. AlphaQuest LLC raised its position in shares of Cadence Bank by 82.2% in the 1st quarter. AlphaQuest LLC now owns 44,009 shares of the company’s stock worth $1,336,000 after acquiring an additional 19,849 shares in the last quarter. Finally, Synovus Financial Corp lifted its stake in shares of Cadence Bank by 26.9% in the 1st quarter. Synovus Financial Corp now owns 36,667 shares of the company’s stock valued at $1,113,000 after purchasing an additional 7,768 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

CADE has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods downgraded Cadence Bank from a “moderate buy” rating to a “hold” rating and lifted their target price for the stock from $41.00 to $49.00 in a report on Monday, November 3rd. Piper Sandler set a $40.00 price objective on shares of Cadence Bank and gave the stock a “neutral” rating in a research report on Monday, October 27th. Zacks Research downgraded shares of Cadence Bank from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Royal Bank Of Canada raised shares of Cadence Bank from a “hold” rating to a “moderate buy” rating in a research note on Monday, October 27th. Finally, Stephens downgraded shares of Cadence Bank from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, October 28th. Two investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, Cadence Bank has a consensus rating of “Hold” and a consensus target price of $42.33.

Cadence Bank Stock Up 0.5%

Shares of CADE opened at $43.64 on Friday. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $44.26. The business’s fifty day moving average is $39.25 and its 200 day moving average is $36.61. The stock has a market cap of $7.95 billion, a P/E ratio of 15.81 and a beta of 0.97.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 20th. The company reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.04. Cadence Bank had a net margin of 18.15% and a return on equity of 9.97%. The business had revenue of $517.24 million during the quarter, compared to analyst estimates of $523.60 million. During the same quarter in the previous year, the business posted $0.73 EPS. On average, analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Announces Dividend

The firm also recently announced 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 dividend yield of 2.5%. The ex-dividend date is Monday, December 15th. Cadence Bank’s dividend payout ratio is currently 39.86%.

Cadence Bank Profile

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.