Rafferty Asset Management LLC Decreases Holdings in Cadence Bank $CADE

Key Points

• Rafferty Asset Management LLC has reduced its stake in Cadence Bank by 29.1%, owning 184,364 shares valued at $5,597,000 after selling 75,545 shares in Q1.
• Cadence Bank announced a quarterly dividend of $0.275, which yields 2.9% annually, with the ex-dividend date set for September 15th.
• Analyst ratings vary, with most giving a "Moderate Buy" average rating and recent price targets ranging from $40.00 to $42.00 per share.

Rafferty Asset Management LLC lessened its stake in Cadence Bank (NYSE:CADE - Free Report) by 29.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 184,364 shares of the company's stock after selling 75,545 shares during the quarter. Rafferty Asset Management LLC owned about 0.10% of Cadence Bank worth $5,597,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of CADE. Teacher Retirement System of Texas lifted its holdings in shares of Cadence Bank by 312.7% during the first quarter. Teacher Retirement System of Texas now owns 49,592 shares of the company's stock worth $1,506,000 after purchasing an additional 37,576 shares during the period. Principal Financial Group Inc. boosted its stake in Cadence Bank by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 425,330 shares of the company's stock worth $12,913,000 after purchasing an additional 5,221 shares during the period. State of Alaska Department of Revenue lifted its stake in Cadence Bank by 3.1% in the 1st quarter. State of Alaska Department of Revenue now owns 21,500 shares of the company's stock worth $652,000 after purchasing an additional 640 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Cadence Bank by 2.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 69,707 shares of the company's stock worth $2,116,000 after purchasing an additional 1,670 shares in the last quarter. Finally, GAMMA Investing LLC raised 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. Institutional investors own 84.61% of the company's stock.

Cadence Bank Stock Performance

Shares of NYSE CADE traded down $0.16 during midday trading on Tuesday, hitting $37.48. 607,563 shares of the company's stock traded hands, compared to its average volume of 1,457,205. The firm has a fifty day moving average of $35.04 and a 200 day moving average of $31.94. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $40.20. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market capitalization of $6.83 billion, a price-to-earnings ratio of 13.33 and a beta of 0.91.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $0.73 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 analysts' expectations 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, analysts forecast that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, September 15th. Cadence Bank's dividend payout ratio is currently 39.15%.

Analyst Ratings Changes

A number of equities analysts have commented on CADE shares. Wall Street Zen cut Cadence Bank from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Hovde Group raised their price target on shares of Cadence Bank from $34.00 to $40.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. Royal Bank Of Canada upped their price objective on shares of Cadence Bank from $34.00 to $37.00 and gave the company a "sector perform" rating in a research note on Friday, July 25th. Barclays reiterated an "overweight" rating and issued a $41.00 price objective (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Finally, DA Davidson boosted their target price on Cadence Bank from $37.00 to $42.00 and gave the company a "buy" 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's stock. According to data from MarketBeat, Cadence Bank has a consensus rating of "Moderate Buy" and an average 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.