American Century Companies Inc. Sells 46,095 Shares of Cadence Bank $CADE

Key Points

• American Century Companies Inc. has reduced its stake in Cadence Bank by 28.7%, selling 46,095 shares and bringing its total ownership to 114,640 shares.
• Cadence Bank announced a quarterly dividend of $0.275 per share, with an annualized dividend yield of 2.9%, to be distributed on October 1st.
• Analysts have given Cadence Bank an average rating of "Moderate Buy" with a price target of $40.40, indicating positive market sentiment.

American Century Companies Inc. lowered its stake in Cadence Bank (NYSE:CADE - Free Report) by 28.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 114,640 shares of the company's stock after selling 46,095 shares during the quarter. American Century Companies Inc. owned about 0.06% of Cadence Bank worth $3,481,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Abound Wealth Management lifted its stake in shares of Cadence Bank by 223.3% in the 1st quarter. Abound Wealth Management now owns 1,665 shares of the company's stock valued at $51,000 after purchasing an additional 1,150 shares during the period. UMB Bank n.a. lifted its stake in shares of Cadence Bank by 169.6% in the 1st quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock valued at $54,000 after purchasing an additional 1,116 shares during the period. State of Wyoming lifted its stake in shares of Cadence Bank by 172.4% in the 4th quarter. State of Wyoming now owns 2,359 shares of the company's stock valued at $81,000 after purchasing an additional 1,493 shares during the period. GAMMA Investing LLC lifted its stake in shares of Cadence Bank by 55.3% in the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after purchasing an additional 1,030 shares during the period. Finally, CX Institutional acquired a new position in shares of Cadence Bank in the 1st quarter valued at $122,000. Institutional investors and hedge funds own 84.61% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on CADE. Stephens upped their price objective on shares of Cadence Bank from $41.00 to $42.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Hovde Group upped their price objective on shares of Cadence Bank from $34.00 to $40.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. Barclays restated an "overweight" rating and issued a $41.00 price objective (up previously from $38.00) on shares of Cadence Bank in a research report on Tuesday, July 8th. DA Davidson upped their price objective on shares of Cadence Bank from $37.00 to $42.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Finally, Royal Bank Of Canada upped their price objective on shares of Cadence Bank from $34.00 to $37.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $40.40.

Cadence Bank Stock Up 1.0%

Shares of CADE traded up $0.36 during midday trading on Thursday, hitting $37.78. The stock had a trading volume of 1,029,607 shares, compared to its average volume of 1,471,715. The company has a 50 day simple moving average of $35.28 and a two-hundred day simple moving average of $32.02. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 13.44 and a beta of 0.91. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.04. The company had revenue of $476.32 million during the quarter, compared to analysts' expectations of $467.60 million. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.During the same quarter last year, the company earned $0.73 EPS. On average, analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a $0.275 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.10 annualized dividend and a dividend yield of 2.9%. Cadence Bank's dividend payout ratio (DPR) is presently 39.15%.

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.