Cadence Bank $CADE Shares Sold by Boston Partners

Key Points

• Boston Partners has reduced its stake in Cadence Bank by 1.0%, holding approximately $21.30 million worth of shares after selling 7,157 shares in the first quarter.
• Cadence Bank reported $0.73 earnings per share for the last quarter, exceeding analysts' expectations of $0.69, and announced a $0.275 quarterly dividend with a yield of 3.1%.
• Several analysts have set new price targets for Cadence Bank, with Barclays increasing its target to $41.00 and maintaining an "overweight" rating on the stock.

Boston Partners decreased its stake in Cadence Bank (NYSE:CADE - Free Report) by 1.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 709,526 shares of the company's stock after selling 7,157 shares during the quarter. Boston Partners owned approximately 0.39% of Cadence Bank worth $21,298,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Cadence Bank by 0.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 51,634 shares of the company's stock valued at $1,568,000 after purchasing an additional 480 shares during the last quarter. Johnson Investment Counsel Inc. lifted its stake in shares of Cadence Bank by 8.6% during the 1st quarter. Johnson Investment Counsel Inc. now owns 7,317 shares of the company's stock worth $222,000 after acquiring an additional 578 shares during the last quarter. Xponance Inc. lifted its stake in shares of Cadence Bank by 2.3% during the 1st quarter. Xponance Inc. now owns 26,415 shares of the company's stock worth $802,000 after acquiring an additional 587 shares during the last quarter. State of Michigan Retirement System lifted its stake in shares of Cadence Bank by 1.4% during the 1st quarter. State of Michigan Retirement System now owns 43,910 shares of the company's stock worth $1,333,000 after acquiring an additional 600 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in shares of Cadence Bank by 1.2% during the 1st quarter. Louisiana State Employees Retirement System now owns 51,400 shares of the company's stock worth $1,561,000 after acquiring an additional 600 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

Cadence Bank Price Performance

CADE stock traded up $0.0660 during mid-day trading on Thursday, reaching $35.4960. 403,734 shares of the company's stock were exchanged, compared to its average volume of 1,451,490. The company has a market cap of $6.47 billion, a price-to-earnings ratio of 12.64 and a beta of 0.89. The stock's 50 day moving average is $33.94 and its 200 day moving average is $31.86. 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 has a 12-month low of $25.22 and a 12-month high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. The company had revenue of $476.32 million for the quarter, compared to the consensus estimate 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 in the prior year, the business posted $0.73 earnings per share. On average, research analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank announced that its board has approved a stock repurchase plan on Friday, April 25th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Monday, September 15th. Cadence Bank's dividend payout ratio (DPR) is currently 39.15%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CADE. Keefe, Bruyette & Woods lifted their target price on Cadence Bank from $40.00 to $41.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Royal Bank Of Canada lifted their target price on Cadence Bank from $34.00 to $37.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. Wall Street Zen lowered Cadence Bank from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Hovde Group lifted their target price on Cadence Bank from $34.00 to $40.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. Finally, DA Davidson boosted their price target on Cadence Bank from $37.00 to $42.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Seven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $40.40.

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.