Northern Trust Corp Sells 75,081 Shares of Cadence Bank $CADE

Key Points

• Northern Trust Corp sold 75,081 shares of Cadence Bank in the first quarter, reducing its stake to 2,609,231 shares, equivalent to approximately 1.43% of the company valued at $79.2 million.
• Cadence Bank reported a quarterly earnings per share (EPS) of $0.73, exceeding analyst expectations, and announced a quarterly dividend of $0.275 per share with a dividend yield of 3.0%.
• Several hedge funds have significantly increased their stakes in Cadence Bank, with institutional investors now owning 84.61% of the company’s stock.

Northern Trust Corp decreased its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 2.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,609,231 shares of the company's stock after selling 75,081 shares during the quarter. Northern Trust Corp owned about 1.43% of Cadence Bank worth $79,216,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CADE. Abound Wealth Management boosted its stake 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 acquiring an additional 1,150 shares during the last quarter. UMB Bank n.a. boosted its stake in Cadence Bank by 169.6% during the 1st quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock worth $54,000 after acquiring an additional 1,116 shares during the last quarter. State of Wyoming boosted its stake in Cadence Bank by 172.4% during the 4th quarter. State of Wyoming now owns 2,359 shares of the company's stock worth $81,000 after acquiring an additional 1,493 shares during the last quarter. GAMMA Investing LLC boosted its stake in Cadence Bank by 55.3% during the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock worth $88,000 after acquiring an additional 1,030 shares during the last quarter. Finally, CX Institutional acquired a new stake in Cadence Bank during the 1st quarter worth approximately $122,000. Institutional investors own 84.61% of the company's stock.

Cadence Bank Price Performance

NYSE CADE opened at $37.2280 on Monday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $40.20. The company has a market capitalization of $6.78 billion, a PE ratio of 13.25 and a beta of 0.89. The firm's 50 day moving average is $34.17 and its 200-day moving average is $31.84.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.04. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. The company had revenue of $476.32 million for the quarter, compared to the consensus estimate of $467.60 million. During the same period last year, the company earned $0.73 earnings per share. Equities research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a $0.275 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.0%. Cadence Bank's dividend payout ratio (DPR) is 39.15%.

Analyst Upgrades and Downgrades

CADE has been the topic of several research analyst reports. Barclays restated an "overweight" rating and set a $41.00 target price (up from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Royal Bank Of Canada raised their target price on shares of Cadence Bank from $34.00 to $37.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Stephens raised their target price on shares of Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Hovde Group raised their target price on shares of Cadence Bank from $34.00 to $40.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. Finally, Piper Sandler raised their target price on shares of Cadence Bank from $42.00 to $43.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $40.40.

Cadence Bank Company 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.

Want to see what other hedge funds are holding CADE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Bank (NYSE:CADE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.