Cramer Rosenthal Mcglynn LLC Sells 440,144 Shares of Cadence Bank $CADE

Key Points

• Cramer Rosenthal Mcglynn LLC has sold 440,144 shares of Cadence Bank, reducing its holdings by 72.2% to 169,712 shares, valued at approximately $5.15 million.
• Cadence Bank reported earnings per share of $0.73 for the recent quarter, surpassing expectations, with revenue of $476.32 million against a forecast of $467.60 million.
• The bank declared a quarterly dividend of $0.275 per share, which will yield an annualized rate of 3.0% based on current prices.

Cramer Rosenthal Mcglynn LLC trimmed its position in Cadence Bank (NYSE:CADE - Free Report) by 72.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 169,712 shares of the company's stock after selling 440,144 shares during the period. Cramer Rosenthal Mcglynn LLC owned approximately 0.09% of Cadence Bank worth $5,152,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CADE. Envestnet Asset Management Inc. lifted its holdings in shares of Cadence Bank by 2.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 60,745 shares of the company's stock valued at $2,093,000 after purchasing an additional 1,494 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in Cadence Bank by 64.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 21,078 shares of the company's stock worth $726,000 after acquiring an additional 8,254 shares in the last quarter. Pinebridge Investments L.P. raised its holdings in Cadence Bank by 42.7% during the fourth quarter. Pinebridge Investments L.P. now owns 69,555 shares of the company's stock worth $2,396,000 after acquiring an additional 20,809 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Cadence Bank by 10.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 128,885 shares of the company's stock worth $4,441,000 after acquiring an additional 12,427 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in Cadence Bank by 17.8% during the fourth quarter. Voya Investment Management LLC now owns 163,697 shares of the company's stock worth $5,639,000 after acquiring an additional 24,704 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on CADE shares. DA Davidson upped their target price on Cadence Bank from $37.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Keefe, Bruyette & Woods upped their target price on Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Stephens upped their target price on Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Barclays reiterated an "overweight" rating and set a $41.00 target price (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Finally, Hovde Group upped their target price on Cadence Bank from $34.00 to $40.00 and gave the stock a "market perform" rating in a 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 stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $40.40.

Cadence Bank Stock Performance

Shares of Cadence Bank stock traded up $0.11 during trading on Friday, reaching $37.65. The company's stock had a trading volume of 1,332,954 shares, compared to its average volume of 1,462,443. 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's 50-day moving average price is $34.76 and its 200-day moving average price is $31.94. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20. The firm has a market cap of $6.86 billion, a PE ratio of 13.40 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 for the quarter, topping the consensus estimate 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 net margin of 18.79% and a return on equity of 9.84%. During the same quarter in the previous year, the company earned $0.73 EPS. Equities analysts forecast that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Announces Dividend

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 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, September 15th. Cadence Bank's 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.