Hsbc Holdings PLC Sells 12,436 Shares of Cadence Bank (NYSE:CADE)

Hsbc Holdings PLC lessened its holdings in shares of Cadence Bank (NYSE:CADE - Free Report) by 3.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 358,695 shares of the company's stock after selling 12,436 shares during the quarter. Hsbc Holdings PLC owned about 0.20% of Cadence Bank worth $12,389,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund raised its stake in Cadence Bank by 0.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 37,274 shares of the company's stock valued at $1,284,000 after purchasing an additional 300 shares during the period. GAMMA Investing LLC raised its stake in Cadence Bank by 19.3% during the 4th quarter. GAMMA Investing LLC now owns 1,862 shares of the company's stock valued at $64,000 after purchasing an additional 301 shares during the period. Ironwood Investment Management LLC raised its stake in Cadence Bank by 1.2% during the 4th quarter. Ironwood Investment Management LLC now owns 30,170 shares of the company's stock valued at $1,039,000 after purchasing an additional 354 shares during the period. Arizona State Retirement System increased its stake in Cadence Bank by 0.8% in the 4th quarter. Arizona State Retirement System now owns 53,034 shares of the company's stock worth $1,827,000 after acquiring an additional 415 shares during the last quarter. Finally, Sit Investment Associates Inc. increased its stake in Cadence Bank by 2.4% in the 4th quarter. Sit Investment Associates Inc. now owns 25,750 shares of the company's stock worth $887,000 after acquiring an additional 600 shares during the last quarter. Institutional investors own 84.61% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on CADE shares. DA Davidson reduced their price objective on Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Royal Bank of Canada reduced their price objective on Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. Citigroup lifted their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a "neutral" rating in a research note on Monday, January 27th. Piper Sandler reduced their price objective on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 23rd. Finally, Morgan Stanley reduced their price objective 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. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, Cadence Bank presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.27.

Cadence Bank Stock Up 1.7 %

CADE traded up $0.49 during trading hours on Thursday, reaching $29.75. 1,361,936 shares of the company's stock traded hands, compared to its average volume of 1,291,237. The firm has a 50-day moving average price of $29.57 and a 200 day moving average price of $33.43. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20. The firm has a market capitalization of $5.42 billion, a PE ratio of 10.74 and a beta of 0.87.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings data on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.64 by $0.07. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. The company had revenue of $448.55 million during the quarter, compared to analysts' expectations of $451.61 million. During the same quarter in the previous year, the business earned $0.62 EPS. Equities analysts predict that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank announced that its board has authorized a share repurchase plan on Friday, April 25th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank's dividend payout ratio is currently 38.60%.

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.