Rhumbline Advisers Lowers Stock Position in Cadence Bank (NYSE:CADE)

Rhumbline Advisers lessened its holdings in Cadence Bank (NYSE:CADE) by 2.0% in the 1st quarter, Holdings Channel.com reports. The firm owned 611,753 shares of the company’s stock after selling 12,424 shares during the quarter. Rhumbline Advisers’ holdings in Cadence Bank were worth $18,573,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Mather Group LLC. lifted its holdings in shares of 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 purchasing an additional 709 shares during the last quarter. Keystone Financial Group Inc. purchased a new stake in shares of Cadence Bank during the 4th quarter valued at $31,000. Smartleaf Asset Management LLC lifted its holdings in shares of Cadence Bank by 163.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock valued at $40,000 after purchasing an additional 722 shares during the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of Cadence Bank by 504.9% during the 4th 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 last quarter. Finally, Jones Financial Companies Lllp lifted its holdings in shares of Cadence Bank by 1,601.0% during the 4th quarter. Jones Financial Companies Lllp now owns 1,718 shares of the company’s stock valued at $59,000 after purchasing an additional 1,617 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Up 2.4%

NYSE:CADE opened at $30.81 on Friday. The company has a fifty day simple moving average of $29.52 and a two-hundred day simple moving average of $32.62. The company has a market cap of $5.61 billion, a price-to-earnings ratio of 11.12 and a beta of 0.84. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.07. The business had revenue of $448.55 million during the quarter, compared to analysts’ expectations 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 previous year, the company earned $0.62 EPS. On average, analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank declared that its board has approved a stock repurchase program on Friday, April 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a $0.275 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.57%. Cadence Bank’s dividend payout ratio (DPR) is presently 38.60%.

Analyst Ratings Changes

Several analysts have recently commented on CADE shares. Royal Bank of Canada decreased their price objective on Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd. Keefe, Bruyette & Woods upped their target price on Cadence Bank from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Friday, May 9th. Piper Sandler cut their target price on Cadence Bank from $38.00 to $36.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 23rd. Barclays cut their target price on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Finally, Morgan Stanley cut their target price on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Bank currently has a consensus rating of “Moderate Buy” and an average target price of $36.82.

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.