LPL Financial LLC Lowers Position in Cadence Bank (NYSE:CADE)

LPL Financial LLC reduced its stake in Cadence Bank (NYSE:CADE – Get Rating) by 3.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 72,518 shares of the company’s stock after selling 2,757 shares during the period. LPL Financial LLC’s holdings in Cadence Bank were worth $1,788,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in Cadence Bank by 5.9% in the third quarter. Dimensional Fund Advisors LP now owns 6,838,376 shares of the company’s stock valued at $173,765,000 after buying an additional 382,527 shares during the last quarter. Mesirow Institutional Investment Management Inc. acquired a new position in Cadence Bank in the third quarter valued at about $8,950,000. Price T Rowe Associates Inc. MD lifted its position in Cadence Bank by 12.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 2,913,360 shares of the company’s stock valued at $68,406,000 after buying an additional 330,303 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in Cadence Bank by 661.5% in the third quarter. Thrivent Financial for Lutherans now owns 366,591 shares of the company’s stock valued at $9,315,000 after buying an additional 318,452 shares during the last quarter. Finally, Millennium Management LLC lifted its position in Cadence Bank by 46.0% in the second quarter. Millennium Management LLC now owns 947,419 shares of the company’s stock valued at $22,245,000 after buying an additional 298,297 shares during the last quarter.

Analyst Ratings Changes

A number of research analysts have commented on CADE shares. Stephens upped their target price on shares of Cadence Bank from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, February 1st. Truist Financial reduced their price target on shares of Cadence Bank from $29.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, March 23rd. UBS Group began coverage on shares of Cadence Bank in a research report on Wednesday, March 15th. They set a “sell” rating and a $21.00 price target on the stock. Morgan Stanley reduced their price target on shares of Cadence Bank from $29.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 5th. Finally, Raymond James reduced their price target on shares of Cadence Bank from $30.00 to $26.00 and set a “strong-buy” rating on the stock in a research report on Thursday, April 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.90.

Cadence Bank Stock Down 0.5 %

CADE stock opened at $19.30 on Wednesday. The company’s 50 day moving average price is $20.01 and its 200 day moving average price is $24.05. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.78 and a current ratio of 0.79. Cadence Bank has a fifty-two week low of $16.95 and a fifty-two week high of $29.41. The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of 8.54 and a beta of 0.96.

Cadence Bank (NYSE:CADE – Get Rating) last announced its quarterly earnings results on Tuesday, April 25th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.66 by $0.02. The company had revenue of $600.20 million for the quarter, compared to analyst estimates of $456.09 million. Cadence Bank had a net margin of 19.37% and a return on equity of 13.24%. During the same period in the prior year, the firm posted $0.65 earnings per share. On average, equities research analysts anticipate that Cadence Bank will post 2.7 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th will be paid a $0.235 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $0.94 annualized dividend and a yield of 4.87%. Cadence Bank’s dividend payout ratio is currently 41.59%.

Cadence Bank Profile

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Cadence Bank provides banking and financial solutions to consumers, businesses and corporations. Its services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, and personal and business insurance.