Citigroup Inc. Has $7.85 Million Stock Holdings in Cadence Bank $CADE

Key Points

• Citigroup Inc. reduced its stake in Cadence Bank by 53.3%, now owning approximately 258,394 shares valued at about $7.85 million.
• Analysts have issued mixed ratings for Cadence Bank, with one analyst rating it as a sell and others maintaining buy ratings, resulting in an average rating of "Moderate Buy."
• The bank declared a quarterly dividend of $0.275, reflecting an annualized dividend of $1.10 and a dividend yield of 3.1%, with a payout ratio of 39.15%.

Citigroup Inc. trimmed its position in Cadence Bank (NYSE:CADE - Free Report) by 53.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 258,394 shares of the company's stock after selling 295,430 shares during the quarter. Citigroup Inc. owned approximately 0.14% of Cadence Bank worth $7,845,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Abound Wealth Management lifted its stake 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 valued at $51,000 after purchasing an additional 1,150 shares during the period. UMB Bank n.a. raised 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 valued at $54,000 after buying an additional 1,116 shares during the last quarter. State of Wyoming raised 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 valued at $81,000 after buying an additional 1,493 shares during the last quarter. GAMMA Investing LLC grew its holdings 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 during the period. Finally, CX Institutional purchased a new stake in Cadence Bank in the first quarter valued at approximately $122,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Stock Performance

CADE traded down $0.0750 during trading on Thursday, reaching $35.3550. 1,441,771 shares of the company's stock were exchanged, compared to its average volume of 1,974,392. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25. The business has a 50 day moving average price of $34.02 and a 200 day moving average price of $31.87. The company has a market capitalization of $6.44 billion, a P/E ratio of 12.58 and a beta of 0.89.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.04. The company 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 period last year, the business earned $0.73 earnings per share. As a group, analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank announced that its board has authorized a share repurchase plan on Friday, April 25th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Cadence Bank Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Piper Sandler boosted their price objective on shares of Cadence Bank from $42.00 to $43.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Barclays reaffirmed an "overweight" rating and issued a $41.00 price target (up from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Keefe, Bruyette & Woods increased their target price on shares of Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Hovde Group upped their price target on shares of Cadence Bank from $34.00 to $40.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. Finally, Stephens raised their price objective on shares of Cadence Bank from $41.00 to $42.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target 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.