Ameriprise Financial Inc. Sells 25,166 Shares of Cadence Bank (NYSE:CADE)

Ameriprise Financial Inc. lowered its holdings in shares of Cadence Bank (NYSE:CADE - Free Report) by 6.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 344,773 shares of the company's stock after selling 25,166 shares during the quarter. Ameriprise Financial Inc. owned about 0.19% of Cadence Bank worth $11,902,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of the business. Norges Bank bought a new position in shares of Cadence Bank in the fourth quarter worth about $71,915,000. Boston Partners acquired a new position in shares of Cadence Bank in the 4th quarter worth approximately $24,834,000. First Trust Advisors LP lifted its holdings in shares of Cadence Bank by 21.2% during 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. Raymond James Financial Inc. bought a new position in Cadence Bank during the 4th quarter valued at about $13,225,000. Finally, Northern Trust Corp boosted its holdings in shares of Cadence Bank by 15.0% in the 4th quarter. Northern Trust Corp now owns 2,684,312 shares of the company's stock worth $92,475,000 after acquiring an additional 350,660 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Stephens reissued an "overweight" rating and issued a $40.00 price target on shares of Cadence Bank in a report on Tuesday, April 22nd. Keefe, Bruyette & Woods increased their price target on Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Friday, May 9th. Royal Bank of Canada cut their price objective on Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. DA Davidson reduced their price target on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Finally, Barclays cut their price objective on shares of Cadence Bank from $44.00 to $38.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Cadence Bank has an average rating of "Moderate Buy" and a consensus target price of $36.82.

Cadence Bank Trading Down 1.5%

Shares of Cadence Bank stock traded down $0.46 on Friday, reaching $30.20. 1,810,964 shares of the company were exchanged, compared to its average volume of 1,303,067. The company has a market capitalization of $5.50 billion, a price-to-earnings ratio of 10.90 and a beta of 0.84. Cadence Bank has a one year low of $25.22 and a one year high of $40.20. The company has a 50-day moving average of $29.56 and a 200 day moving average of $33.11.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings results on Monday, April 21st. The company reported $0.71 EPS for the quarter, beating analysts' consensus estimates of $0.64 by $0.07. The firm 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 last year, the company posted $0.62 earnings per share. Analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a yield of 3.64%. Cadence Bank's dividend payout ratio (DPR) is 38.60%.

Cadence Bank announced that its Board of Directors has initiated a stock buyback program on Friday, April 25th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

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.