Jane Street Group LLC Cuts Stock Position in Cadence Bank (NYSE:CADE)

Jane Street Group LLC cut its holdings in Cadence Bank (NYSE:CADE - Free Report) by 80.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,568 shares of the company's stock after selling 191,943 shares during the period. Jane Street Group LLC's holdings in Cadence Bank were worth $1,604,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Cadence Bank by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company's stock worth $705,821,000 after acquiring an additional 191,717 shares during the period. Northern Trust Corp lifted its holdings in Cadence Bank by 15.0% during the fourth quarter. Northern Trust Corp now owns 2,684,312 shares of the company's stock worth $92,475,000 after acquiring an additional 350,660 shares during the period. First Trust Advisors LP lifted its holdings in Cadence Bank by 21.2% during the fourth quarter. First Trust Advisors LP now owns 2,634,335 shares of the company's stock worth $90,753,000 after acquiring an additional 460,486 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Cadence Bank by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company's stock worth $77,678,000 after acquiring an additional 12,309 shares during the period. Finally, Vaughan Nelson Investment Management L.P. lifted its holdings in Cadence Bank by 7.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,234,733 shares of the company's stock worth $76,986,000 after acquiring an additional 151,215 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Stock Down 1.5%

Shares of NYSE:CADE traded down $0.46 during midday trading on Friday, reaching $30.20. 1,810,964 shares of the company traded hands, compared to its average volume of 1,303,067. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20. The firm has a market capitalization of $5.50 billion, a price-to-earnings ratio of 10.90 and a beta of 0.84. The firm's fifty day moving average price is $29.56 and its two-hundred day moving average price is $33.11.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its earnings results on Monday, April 21st. The company reported $0.71 EPS for the quarter, topping 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 business had revenue of $448.55 million during the quarter, compared to analysts' expectations of $451.61 million. During the same period in the previous year, the business earned $0.62 earnings per share. Analysts forecast that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank declared that its board has approved a stock buyback program on Friday, April 25th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.64%. The ex-dividend date is Friday, June 13th. Cadence Bank's payout ratio is 38.60%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CADE. Barclays lowered their target price on Cadence Bank from $44.00 to $38.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Wall Street Zen upgraded Cadence Bank from a "sell" rating to a "hold" rating in a research note on Thursday. Hovde Group boosted their target price on Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Morgan Stanley lowered their target price on Cadence Bank from $46.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Finally, Stephens restated an "overweight" rating and issued a $40.00 target price on shares of Cadence Bank in a research note on Tuesday, April 22nd. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $36.82.

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.