Deutsche Bank AG Sells 8,288 Shares of Cadence Bank $CADE

Key Points

• Deutsche Bank AG reduced its stake in Cadence Bank by 2.4%, holding approximately 341,977 shares after selling 8,288 shares, valued at around $10.38 million.
• Cadence Bank's stock is currently trading at $35.38, with a market cap of $6.45 billion and a twelve-month high of $40.20.
• The company declared a quarterly dividend of $0.275 per share, representing a 3.1% dividend yield and an annualized payout of $1.10.

Deutsche Bank AG cut its holdings in Cadence Bank (NYSE:CADE - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 341,977 shares of the company's stock after selling 8,288 shares during the period. Deutsche Bank AG owned about 0.19% of Cadence Bank worth $10,382,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Abound Wealth Management grew its holdings in Cadence Bank by 223.3% during 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. grew its holdings in Cadence Bank by 169.6% during the first quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock valued at $54,000 after purchasing an additional 1,116 shares during the period. State of Wyoming grew its holdings in Cadence Bank by 172.4% during the fourth quarter. State of Wyoming now owns 2,359 shares of the company's stock valued at $81,000 after purchasing an additional 1,493 shares during the period. GAMMA Investing LLC grew its holdings in Cadence Bank by 55.3% during 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 bought a new position in Cadence Bank during the first quarter valued at $122,000. 84.61% of the stock is owned by institutional investors.

Cadence Bank Price Performance

Shares of CADE stock traded up $0.19 on Monday, reaching $35.56. The company's stock had a trading volume of 1,815,646 shares, compared to its average volume of 1,452,551. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $40.20. The company has a market capitalization of $6.48 billion, a P/E ratio of 12.66 and a beta of 0.89. The stock's 50 day simple moving average is $33.68 and its 200-day simple moving average is $31.81.

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, topping analysts' consensus estimates of $0.69 by $0.04. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%. The company had revenue of $476.32 million for the quarter, compared to the consensus estimate of $467.60 million. During the same quarter last year, the business posted $0.73 earnings per share. As a group, equities 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 buyback plan on Friday, April 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Cadence Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a dividend of $0.275 per share. The ex-dividend date is Monday, September 15th. This represents a $1.10 dividend on an annualized basis and a yield of 3.1%. Cadence Bank's dividend payout ratio (DPR) is presently 39.15%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CADE. DA Davidson increased their price objective on Cadence Bank from $37.00 to $42.00 and gave the company a "buy" rating in a report on Monday, July 28th. Piper Sandler increased their price objective on Cadence Bank from $42.00 to $43.00 and gave the company an "overweight" rating in a report 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 raised their price target on Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Finally, Stephens raised their price target on Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Cadence Bank currently has a consensus rating of "Moderate Buy" and an average price target 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.