Great Lakes Advisors LLC Lowers Holdings in Cadence Bank $CADE

Key Points

• Great Lakes Advisors LLC sold 28,807 shares of Cadence Bank, reducing its stake by 13.4%, and now owns 185,428 shares valued at $5.63 million.
• Cadence Bank announced a quarterly dividend of $0.275, equating to an annual dividend yield of 3.0%, with a payout ratio of 39.15%.
• Analysts have set a consensus target price of $40.40 for Cadence Bank, with seven analysts rating it a "Buy" and three a "Hold."

Great Lakes Advisors LLC trimmed its position in Cadence Bank (NYSE:CADE - Free Report) by 13.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 185,428 shares of the company's stock after selling 28,807 shares during the period. Great Lakes Advisors LLC owned about 0.10% of Cadence Bank worth $5,630,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of CADE. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Cadence Bank during the 1st quarter valued at about $40,000. Abound Wealth Management lifted its position 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 buying an additional 1,150 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Cadence Bank by 169.6% during the 1st quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock valued at $54,000 after buying an additional 1,116 shares in the last quarter. State of Wyoming lifted 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 valued at $81,000 after buying an additional 1,493 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Cadence Bank by 55.3% during the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after buying an additional 1,030 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CADE has been the topic of a number of analyst reports. DA Davidson lifted their price objective on Cadence Bank from $37.00 to $42.00 and gave the company a "buy" rating in a research report on Monday, July 28th. 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 note on Monday, July 28th. Piper Sandler lifted their target price on Cadence Bank from $42.00 to $43.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Wall Street Zen downgraded Cadence Bank from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Finally, Stephens lifted their target price on Cadence Bank from $41.00 to $42.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Cadence Bank currently has an average rating of "Moderate Buy" and a consensus price target of $40.40.

Cadence Bank Trading Down 1.2%

Shares of NYSE CADE traded down $0.46 during trading hours on Monday, hitting $36.98. 414,952 shares of the company traded hands, compared to its average volume of 1,494,108. The stock has a market capitalization of $6.74 billion, a price-to-earnings ratio of 13.18 and a beta of 0.91. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25. The company's 50 day moving average price is $35.90 and its 200 day moving average price is $32.21. 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 released its earnings results 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 firm 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 previous year, the company posted $0.73 EPS. On average, equities research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Monday, September 15th. Cadence Bank's dividend payout ratio is 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.