Csenge Advisory Group Sells 93,480 Shares of Cadence Bank $CADE

Csenge Advisory Group lessened its stake in Cadence Bank (NYSE:CADE) by 92.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,000 shares of the company’s stock after selling 93,480 shares during the period. Csenge Advisory Group’s holdings in Cadence Bank were worth $300,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Channing Capital Management LLC purchased a new position in shares of Cadence Bank in the 2nd quarter worth $75,681,000. Norges Bank purchased a new position in Cadence Bank in the second quarter worth about $71,235,000. New York State Common Retirement Fund grew its stake in shares of Cadence Bank by 982.9% during the 2nd quarter. New York State Common Retirement Fund now owns 610,459 shares of the company’s stock valued at $19,522,000 after purchasing an additional 554,087 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in shares of Cadence Bank during the 2nd quarter valued at about $16,698,000. Finally, Vaughan Nelson Investment Management L.P. increased its position in shares of Cadence Bank by 19.9% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,896,820 shares of the company’s stock valued at $92,640,000 after purchasing an additional 480,622 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Piper Sandler set a $40.00 price objective on shares of Cadence Bank and gave the stock a “neutral” rating in a report on Monday, October 27th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cadence Bank in a research note on Wednesday, October 8th. Stephens lowered Cadence Bank from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, October 28th. Keefe, Bruyette & Woods downgraded Cadence Bank from a “moderate buy” rating to a “hold” rating and lifted their target price for the company from $41.00 to $49.00 in a research report on Monday, November 3rd. Finally, Barclays lowered Cadence Bank from an “overweight” rating to a “hold” rating in a report on Tuesday, October 28th. Two analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $42.33.

Cadence Bank Price Performance

NYSE CADE opened at $44.50 on Wednesday. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $46.02. The business has a 50-day moving average price of $42.18 and a 200-day moving average price of $38.60. The firm has a market cap of $8.11 billion, a price-to-earnings ratio of 16.12 and a beta of 0.95.

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

Cadence Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Friday, January 30th will be given a dividend of $0.3438 per share. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.28. This represents a $1.38 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Friday, January 30th. Cadence Bank’s dividend payout ratio (DPR) 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.