Dimensional Fund Advisors LP Decreases Stake in Cadence Bank $CADE

Key Points

• Dimensional Fund Advisors LP has reduced its position in Cadence Bank by 0.1%, selling 14,039 shares and maintaining ownership of approximately 9.96 million shares worth $302.37 million.
• Cadence Bank recently reported earnings surpassing expectations, with $0.73 earnings per share for the quarter, which is an increase from the previous year.
• The company has declared a quarterly dividend of $0.275, yielding 3.1%, alongside a share buyback plan allowing the repurchase of 10 million outstanding shares.

Dimensional Fund Advisors LP trimmed its stake in shares of Cadence Bank (NYSE:CADE - Free Report) by 0.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,959,709 shares of the company's stock after selling 14,039 shares during the quarter. Dimensional Fund Advisors LP owned 5.47% of Cadence Bank worth $302,374,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of CADE. Abound Wealth Management lifted its holdings in Cadence Bank by 223.3% during the 1st quarter. Abound Wealth Management now owns 1,665 shares of the company's stock worth $51,000 after buying an additional 1,150 shares during the last quarter. UMB Bank n.a. increased its position in Cadence Bank by 169.6% in the 1st quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock valued at $54,000 after acquiring an additional 1,116 shares during the period. State of Wyoming increased its position in Cadence Bank by 172.4% in the 4th quarter. State of Wyoming now owns 2,359 shares of the company's stock valued at $81,000 after acquiring an additional 1,493 shares during the period. GAMMA Investing LLC increased its position in Cadence Bank by 55.3% in the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after acquiring an additional 1,030 shares during the period. Finally, CX Institutional acquired a new position in Cadence Bank during the 1st quarter worth approximately $122,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on CADE. Barclays reaffirmed an "overweight" rating and set a $41.00 price objective (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Hovde Group boosted their price target on Cadence Bank from $34.00 to $40.00 and gave the stock a "market perform" rating in a research note on Monday, July 28th. Keefe, Bruyette & Woods boosted their price target on Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Royal Bank Of Canada boosted their price target on Cadence Bank from $34.00 to $37.00 and gave the stock a "sector perform" rating in a research note on Friday, July 25th. Finally, Wall Street Zen cut Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.40.

Cadence Bank Trading Up 5.4%

Shares of NYSE CADE traded up $1.9160 during mid-day trading on Friday, reaching $37.2560. 424,184 shares of the company's stock were exchanged, compared to its average volume of 1,451,484. The firm has a market capitalization of $6.79 billion, a price-to-earnings ratio of 13.27 and a beta of 0.89. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20. The company's 50-day moving average is $34.02 and its 200-day moving average is $31.87.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $0.73 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 posted $0.73 EPS. Analysts expect that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank declared that its Board of Directors has authorized a stock repurchase plan on Friday, April 25th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management 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. Investors of record on Monday, September 15th will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Monday, September 15th. Cadence Bank's dividend payout ratio (DPR) is currently 39.15%.

About Cadence Bank

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.