Cadence Bank $CADE Shares Sold by Great Lakes Advisors LLC

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 reduced its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 13.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (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 0.10% of Cadence Bank worth $5,630,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Cadence Bank in the first quarter worth approximately $40,000. Abound Wealth Management boosted its position in shares of Cadence Bank by 223.3% in the first quarter. Abound Wealth Management now owns 1,665 shares of the company's stock worth $51,000 after acquiring an additional 1,150 shares during the last quarter. UMB Bank n.a. boosted its position in shares of Cadence Bank by 169.6% in the first quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock worth $54,000 after acquiring an additional 1,116 shares during the last quarter. State of Wyoming boosted its position in shares of Cadence Bank by 172.4% in the fourth quarter. State of Wyoming now owns 2,359 shares of the company's stock worth $81,000 after acquiring an additional 1,493 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Cadence Bank by 55.3% in the first quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock worth $88,000 after acquiring an additional 1,030 shares during the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Cadence Bank Stock Down 1.3%

Shares of NYSE:CADE opened at $37.28 on Wednesday. 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 has a fifty day simple moving average of $35.70 and a 200 day simple moving average of $32.11. The firm has a market cap of $6.79 billion, a PE ratio of 13.27 and a beta of 0.91. 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 business had revenue of $476.32 million during the quarter, compared to analyst estimates of $467.60 million. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. During the same quarter in the previous year, the firm earned $0.73 earnings per share. On average, equities research analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

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 paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Monday, September 15th. Cadence Bank's payout ratio is 39.15%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Royal Bank Of Canada raised their target price on shares of Cadence Bank from $34.00 to $37.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Barclays restated 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. Piper Sandler lifted their price objective on shares of Cadence Bank from $42.00 to $43.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Stephens lifted their price objective on shares of Cadence Bank from $41.00 to $42.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Cadence Bank from $40.00 to $41.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Cadence Bank has a consensus rating of "Moderate Buy" and an average target price of $40.40.

Cadence Bank Company 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.

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