Cadence Bank (NYSE:CADE) Position Trimmed by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lowered its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 35.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 118,851 shares of the company's stock after selling 63,977 shares during the quarter. Wedge Capital Management L L P NC owned 0.07% of Cadence Bank worth $3,608,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Victory Capital Management Inc. increased its stake in Cadence Bank by 1.4% in the 4th quarter. Victory Capital Management Inc. now owns 50,453 shares of the company's stock worth $1,738,000 after acquiring an additional 685 shares during the last quarter. GTS Securities LLC purchased a new position in Cadence Bank during the fourth quarter worth $454,000. Charles Schwab Investment Management Inc. grew its holdings in Cadence Bank by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company's stock valued at $77,678,000 after purchasing an additional 12,309 shares during the last quarter. Pictet Asset Management Holding SA boosted its holdings in Cadence Bank by 7.9% during the 4th quarter. Pictet Asset Management Holding SA now owns 28,439 shares of the company's stock valued at $980,000 after acquiring an additional 2,073 shares during the period. Finally, Smartleaf Asset Management LLC grew its stake in Cadence Bank by 163.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company's stock worth $40,000 after acquiring an additional 722 shares in the last quarter. 84.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Barclays reduced their price objective on shares of Cadence Bank from $44.00 to $38.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods boosted their price target on Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a research note on Friday, May 9th. Piper Sandler cut their price target on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Morgan Stanley cut their price target on shares of Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, Stephens reaffirmed an "overweight" rating and set a $40.00 price target on shares of Cadence Bank in a report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $36.82.

Cadence Bank Stock Down 1.0%

Shares of CADE traded down $0.32 during mid-day trading on Wednesday, hitting $31.10. The company had a trading volume of 1,179,939 shares, compared to its average volume of 1,286,579. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20. The business's 50-day simple moving average is $29.61 and its 200-day simple moving average is $32.49. The stock has a market cap of $5.67 billion, a PE ratio of 11.23 and a beta of 0.84.

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

Cadence Bank announced that its board has authorized a share buyback plan on Friday, April 25th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company's management 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 paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.54%. Cadence Bank's dividend payout ratio (DPR) is currently 38.60%.

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.