Marshall Wace LLP cut its holdings in Cadence Bank (NYSE:CADE - Free Report) by 68.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 26,900 shares of the company's stock after selling 58,223 shares during the period. Marshall Wace LLP's holdings in Cadence Bank were worth $927,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Brooklyn Investment Group bought a new stake in shares of Cadence Bank during the fourth quarter valued at approximately $26,000. Mather Group LLC. raised its stake in Cadence Bank by 716.2% during the 4th quarter. Mather Group LLC. now owns 808 shares of the company's stock valued at $28,000 after acquiring an additional 709 shares in the last quarter. Keystone Financial Group Inc. acquired a new position in Cadence Bank during the 4th quarter worth $31,000. Smartleaf Asset Management LLC grew its stake in shares of Cadence Bank by 163.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company's stock worth $40,000 after purchasing an additional 722 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its holdings in shares of Cadence Bank by 504.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company's stock valued at $59,000 after purchasing an additional 1,434 shares during the period. Institutional investors own 84.61% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on CADE. Royal Bank of Canada decreased their target price on shares of Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. Hovde Group raised their price objective on shares of Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Barclays decreased their price target on Cadence Bank from $44.00 to $38.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Piper Sandler dropped 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, DA Davidson decreased their target price on Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $37.27.
Get Our Latest Analysis on Cadence Bank
Cadence Bank Price Performance
Cadence Bank stock traded down $0.15 during trading hours on Tuesday, hitting $30.11. The company had a trading volume of 49,647 shares, compared to its average volume of 1,333,542. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20. The firm has a market capitalization of $5.49 billion, a P/E ratio of 10.88 and a beta of 0.84. The firm's fifty day moving average is $29.42 and its 200-day moving average is $33.37.
Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates of $0.64 by $0.07. The business had revenue of $448.55 million for the quarter, compared to the consensus estimate of $451.61 million. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same period in the prior year, the business posted $0.62 earnings per share. Analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.
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 paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Friday, June 13th. Cadence Bank's dividend payout ratio (DPR) is presently 38.60%.
Cadence Bank declared that its board has approved a share repurchase program on Friday, April 25th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.
About Cadence Bank
(
Free Report)
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.
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