Raymond James & Associates Sells 89,354 Shares of Cadence Bank (NYSE:CADE)

Raymond James & Associates decreased its holdings in shares of Cadence Bank (NYSE:CADE - Free Report) by 15.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 488,275 shares of the company's stock after selling 89,354 shares during the period. Raymond James & Associates owned about 0.27% of Cadence Bank worth $14,448,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Bank of Montreal Can grew its holdings in Cadence Bank by 4.4% during the 1st quarter. Bank of Montreal Can now owns 19,804 shares of the company's stock valued at $603,000 after purchasing an additional 841 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Cadence Bank by 6.2% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 69,024 shares of the company's stock valued at $2,020,000 after acquiring an additional 4,059 shares during the last quarter. Cibc World Market Inc. purchased a new position in shares of Cadence Bank in the first quarter worth $2,437,000. Sei Investments Co. raised its holdings in shares of Cadence Bank by 1,892.1% in the first quarter. Sei Investments Co. now owns 251,737 shares of the company's stock worth $7,370,000 after buying an additional 239,100 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Cadence Bank during the first quarter worth $2,458,000. Institutional investors own 84.61% of the company's stock.

Cadence Bank Stock Performance

Shares of Cadence Bank stock traded down $0.21 during midday trading on Wednesday, hitting $27.60. The company had a trading volume of 804,010 shares, compared to its average volume of 1,415,900. Cadence Bank has a 1-year low of $16.95 and a 1-year high of $31.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.86 and a quick ratio of 0.85. The business's 50 day simple moving average is $27.59 and its two-hundred day simple moving average is $25.85. The stock has a market cap of $5.04 billion, a PE ratio of 9.56 and a beta of 1.02.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings results on Monday, January 29th. The company reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.53 by ($0.13). Cadence Bank had a return on equity of 9.55% and a net margin of 23.33%. The business had revenue of $23.15 million for the quarter, compared to analyst estimates of $433.99 million. As a group, equities analysts predict that Cadence Bank will post 2.42 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a dividend of $0.25 per share. This is a boost from Cadence Bank's previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 3.62%. The ex-dividend date was Thursday, March 14th. Cadence Bank's payout ratio is currently 34.36%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CADE. Truist Financial lifted their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the company a "buy" rating in a research report on Monday. Raymond James dropped their target price on shares of Cadence Bank from $35.00 to $34.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, January 31st. DA Davidson restated a "buy" rating on shares of Cadence Bank in a research note on Monday, January 15th. Citigroup raised their target price on shares of Cadence Bank from $27.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, December 29th. Finally, TheStreet downgraded shares of Cadence Bank from a "b" rating to a "c" rating in a report on Tuesday, January 30th. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $29.77.

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.