Silvercrest Asset Management Group LLC Trims Stake in Cadence Bank (NYSE:CADE)

Silvercrest Asset Management Group LLC cut its holdings in Cadence Bank (NYSE:CADE - Free Report) by 5.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,276,243 shares of the company's stock after selling 311,666 shares during the quarter. Cadence Bank comprises about 1.2% of Silvercrest Asset Management Group LLC's investment portfolio, making the stock its 6th biggest holding. Silvercrest Asset Management Group LLC owned 2.90% of Cadence Bank worth $181,767,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Norges Bank purchased a new position in Cadence Bank during the 4th quarter valued at about $71,915,000. Millennium Management LLC boosted its position in Cadence Bank by 846.1% during the fourth quarter. Millennium Management LLC now owns 1,052,906 shares of the company's stock worth $36,273,000 after purchasing an additional 941,613 shares during the period. Boston Partners bought a new stake in shares of Cadence Bank in the fourth quarter valued at approximately $24,834,000. First Trust Advisors LP boosted its position in shares of Cadence Bank by 21.2% in the fourth quarter. First Trust Advisors LP now owns 2,634,335 shares of the company's stock valued at $90,753,000 after acquiring an additional 460,486 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Cadence Bank in the fourth quarter valued at approximately $13,225,000. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Price Performance

CADE stock traded down $0.15 during midday trading on Monday, reaching $31.67. 1,349,470 shares of the company were exchanged, compared to its average volume of 1,291,414. The business has a 50-day moving average price of $29.50 and a two-hundred day moving average price of $33.22. Cadence Bank has a one year low of $25.22 and a one year high of $40.20. The firm has a market capitalization of $5.77 billion, a price-to-earnings ratio of 11.43 and a beta of 0.84.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its earnings results on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.64 by $0.07. The company had revenue of $448.55 million during the quarter, compared to analysts' expectations of $451.61 million. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter in the previous year, the business posted $0.62 earnings per share. As a group, analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank declared that its board has initiated a stock buyback plan on Friday, April 25th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank's payout ratio is 38.60%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CADE. Royal Bank of Canada dropped their price objective on Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Morgan Stanley decreased their price target on Cadence Bank from $46.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Hovde Group raised their target price on Cadence Bank from $32.00 to $34.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Stephens reiterated an "overweight" rating and issued a $40.00 price target on shares of Cadence Bank in a report on Tuesday, April 22nd. Finally, Keefe, Bruyette & Woods lifted their target price on Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a research report on Friday, May 9th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $36.82.

Cadence Bank 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.