Bank of New York Mellon Corp Sells 39,820 Shares of Cadence Bank (NYSE:CADE)

Bank of New York Mellon Corp cut its position in Cadence Bank (NYSE:CADE - Free Report) by 2.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,796,774 shares of the company's stock after selling 39,820 shares during the quarter. Bank of New York Mellon Corp owned 0.99% of Cadence Bank worth $54,550,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Abound Wealth Management grew its holdings in shares of Cadence Bank by 223.3% during 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 last quarter. Jones Financial Companies Lllp lifted its position in shares of Cadence Bank by 1,601.0% in the 4th quarter. Jones Financial Companies Lllp now owns 1,718 shares of the company's stock worth $59,000 after purchasing an additional 1,617 shares during the period. UMB Bank n.a. lifted its position 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 worth $54,000 after purchasing an additional 1,116 shares during the period. State of Wyoming grew its position in shares of Cadence Bank by 172.4% during the 4th quarter. State of Wyoming now owns 2,359 shares of the company's stock worth $81,000 after buying an additional 1,493 shares during the period. Finally, GAMMA Investing LLC increased its stake in Cadence Bank by 55.3% in the first 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 in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CADE has been the topic of several recent research reports. Barclays reiterated an "overweight" rating and issued a $41.00 price target (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Stephens reiterated an "overweight" rating and issued a $40.00 target price on shares of Cadence Bank in a report on Tuesday, April 22nd. Wall Street Zen downgraded shares of Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday, June 14th. Keefe, Bruyette & Woods increased their target price on shares of Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th. Finally, Royal Bank Of Canada cut their target price on shares of Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.50.

Cadence Bank Price Performance

Cadence Bank stock traded down $0.50 during mid-day trading on Friday, hitting $35.15. 1,649,068 shares of the company traded hands, compared to its average volume of 1,319,205. The stock has a market cap of $6.41 billion, a price-to-earnings ratio of 12.33 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 stock has a fifty day moving average price of $31.56 and a 200-day moving average price of $31.80. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.87.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings results on Monday, April 21st. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.64 by $0.07. Cadence Bank had a net margin of 18.83% and a return on equity of 9.95%. The firm had revenue of $448.55 million for the quarter, compared to the consensus estimate of $451.61 million. During the same period last year, the firm posted $0.62 earnings per share. On average, equities analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.13%. The ex-dividend date was Friday, June 13th. Cadence Bank's payout ratio is 38.60%.

Cadence Bank announced that its board has authorized a stock repurchase plan on Friday, April 25th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication 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.