Cadence Bank $CADE Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC has reduced its stake in Cadence Bank by 17.8% in the first quarter, now owning 294,772 shares valued at approximately $8.9 million.
• Cadence Bank recently announced a quarterly dividend of $0.275 per share, representing an annualized yield of 3.0% and a dividend payout ratio of 39.15%.
• Analysts have set new price targets for Cadence Bank, with several brokerages raising their price objectives to around $42.00 while maintaining a "buy" and "overweight" rating.

Hsbc Holdings PLC trimmed its stake in shares of Cadence Bank (NYSE:CADE - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 294,772 shares of the company's stock after selling 63,923 shares during the period. Hsbc Holdings PLC owned about 0.16% of Cadence Bank worth $8,897,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Wellington Management Group LLP grew its holdings in Cadence Bank by 7.8% during the first quarter. Wellington Management Group LLP now owns 13,481,585 shares of the company's stock worth $409,301,000 after acquiring an additional 980,369 shares during the period. Fuller & Thaler Asset Management Inc. lifted its position in shares of Cadence Bank by 5.7% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 3,619,544 shares of the company's stock valued at $109,889,000 after acquiring an additional 193,582 shares in the last quarter. Northern Trust Corp lifted its position in shares of Cadence Bank by 15.0% in the fourth quarter. Northern Trust Corp now owns 2,684,312 shares of the company's stock valued at $92,475,000 after acquiring an additional 350,660 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in shares of Cadence Bank by 8.1% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 2,416,198 shares of the company's stock valued at $73,356,000 after acquiring an additional 181,465 shares in the last quarter. Finally, Segall Bryant & Hamill LLC lifted its position in shares of Cadence Bank by 2.1% in the first quarter. Segall Bryant & Hamill LLC now owns 1,370,231 shares of the company's stock valued at $41,600,000 after acquiring an additional 28,363 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CADE shares. Barclays restated an "overweight" rating and issued a $41.00 target price (up previously from $38.00) on shares of Cadence Bank in a research report on Tuesday, July 8th. Stephens raised their target price on Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Piper Sandler raised their target price on Cadence Bank from $42.00 to $43.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Royal Bank Of Canada raised their target price 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, Hovde Group raised their target price 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. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Cadence Bank presently has an average rating of "Moderate Buy" and a consensus target price of $40.40.

Cadence Bank Stock Up 0.3%

CADE traded up $0.10 on Friday, hitting $37.64. 517,745 shares of the company were exchanged, compared to its average volume of 1,457,474. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20. The company has a market cap of $6.86 billion, a price-to-earnings ratio of 13.40 and a beta of 0.89. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25. The firm has a 50-day moving average price of $34.76 and a two-hundred day moving average price of $31.94.

Cadence Bank (NYSE:CADE - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.69 by $0.04. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.The firm had revenue of $476.32 million during the quarter, compared to analysts' expectations of $467.60 million. During the same period in the previous year, the firm posted $0.73 EPS. On average, equities analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Cadence Bank's payout ratio is presently 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.