Channing Capital Management LLC Sells 29,631 Shares of Cadence Bank $CADE

Channing Capital Management LLC decreased its position in shares of Cadence Bank (NYSE:CADE) by 1.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,336,873 shares of the company’s stock after selling 29,631 shares during the quarter. Cadence Bank makes up approximately 2.3% of Channing Capital Management LLC’s portfolio, making the stock its 12th biggest position. Channing Capital Management LLC owned 1.28% of Cadence Bank worth $87,726,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. OneDigital Investment Advisors LLC bought a new position in Cadence Bank in the third quarter valued at about $231,000. Southeast Asset Advisors LLC acquired a new position in shares of Cadence Bank in the third quarter valued at approximately $233,000. PNC Financial Services Group Inc. increased its stake in shares of Cadence Bank by 4.2% in the third quarter. PNC Financial Services Group Inc. now owns 8,025 shares of the company’s stock valued at $301,000 after buying an additional 326 shares during the period. HighTower Advisors LLC raised its holdings in Cadence Bank by 9.9% in the 3rd quarter. HighTower Advisors LLC now owns 50,485 shares of the company’s stock valued at $1,895,000 after buying an additional 4,563 shares during the last quarter. Finally, Versor Investments LP acquired a new stake in Cadence Bank during the 3rd quarter worth approximately $916,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Stock Performance

Shares of CADE opened at $42.14 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.15. The firm’s fifty day simple moving average is $43.30 and its two-hundred day simple moving average is $39.78. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $46.74. The stock has a market capitalization of $7.68 billion, a P/E ratio of 14.94 and a beta of 0.95.

Cadence Bank (NYSE:CADE) last announced its earnings results on Thursday, January 22nd. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.79 by $0.06. The company had revenue of $528.41 million for the quarter, compared to analyst estimates of $525.15 million. Cadence Bank had a return on equity of 10.16% and a net margin of 18.12%.During the same quarter in the prior year, the company earned $0.70 EPS. As a group, analysts predict that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, January 30th were paid a $0.3438 dividend. The ex-dividend date was Friday, January 30th. This represents a $1.38 annualized dividend and a dividend yield of 3.3%. This is an increase from Cadence Bank’s previous quarterly dividend of $0.28. Cadence Bank’s dividend payout ratio (DPR) is presently 39.01%.

Analyst Upgrades and Downgrades

CADE has been the subject of several recent research reports. Royal Bank Of Canada upgraded shares of Cadence Bank from a “hold” rating to a “moderate buy” rating in a research report on Monday, October 27th. Keefe, Bruyette & Woods cut shares of Cadence Bank from a “moderate buy” rating to a “hold” rating and boosted their price objective for the stock from $41.00 to $49.00 in a research note on Monday, November 3rd. Morgan Stanley downgraded Cadence Bank from an “overweight” rating to a “sell” rating in a report on Tuesday, October 28th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cadence Bank in a research report on Wednesday, January 21st. Finally, Stephens lowered Cadence Bank from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, October 28th. Two research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $42.88.

Cadence Bank Company 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.