Jane Street Group LLC Reduces Holdings in Cadence Bank (NYSE:CADE)

Jane Street Group LLC trimmed its stake in shares of Cadence Bank (NYSE:CADE - Free Report) by 80.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,568 shares of the company's stock after selling 191,943 shares during the quarter. Jane Street Group LLC's holdings in Cadence Bank were worth $1,604,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund grew its stake in Cadence Bank by 0.8% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 37,274 shares of the company's stock worth $1,284,000 after purchasing an additional 300 shares during the period. Ironwood Investment Management LLC grew its stake in Cadence Bank by 1.2% during the fourth quarter. Ironwood Investment Management LLC now owns 30,170 shares of the company's stock worth $1,039,000 after purchasing an additional 354 shares during the period. Arizona State Retirement System grew its stake in Cadence Bank by 0.8% during the fourth quarter. Arizona State Retirement System now owns 53,034 shares of the company's stock worth $1,827,000 after purchasing an additional 415 shares during the period. Sit Investment Associates Inc. grew its stake in Cadence Bank by 2.4% during the fourth quarter. Sit Investment Associates Inc. now owns 25,750 shares of the company's stock worth $887,000 after purchasing an additional 600 shares during the period. Finally, Victory Capital Management Inc. grew its stake in Cadence Bank by 1.4% during the fourth quarter. Victory Capital Management Inc. now owns 50,453 shares of the company's stock worth $1,738,000 after purchasing an additional 685 shares during the period. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Stock Performance

CADE traded down $1.08 during mid-day trading on Wednesday, reaching $30.47. 941,498 shares of the stock were exchanged, compared to its average volume of 1,296,082. The stock has a market capitalization of $5.55 billion, a PE ratio of 11.00 and a beta of 0.84. The company has a 50 day moving average price of $29.56 and a two-hundred day moving average price of $33.19. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its earnings results on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.07. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. The firm had revenue of $448.55 million during the quarter, compared to analyst estimates of $451.61 million. During the same period last year, the firm posted $0.62 EPS. Sell-side analysts expect that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank declared that its board has authorized a share buyback plan on Friday, April 25th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Cadence Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date is Friday, June 13th. Cadence Bank's dividend payout ratio is currently 38.60%.

Analysts Set New Price Targets

Several research analysts recently issued reports on CADE shares. Stephens reissued an "overweight" rating and set a $40.00 target price on shares of Cadence Bank in a research note on Tuesday, April 22nd. Hovde Group raised their price target on shares of Cadence Bank from $32.00 to $34.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Royal Bank of Canada reduced their price target on shares of Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. DA Davidson cut their price target on Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Finally, Keefe, Bruyette & Woods increased their price target on Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Friday, May 9th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $36.82.

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.