Sit Investment Associates Inc. trimmed its stake in Cadence Bank (NYSE:CADE – Free Report) by 8.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,825 shares of the company’s stock after selling 2,525 shares during the period. Sit Investment Associates Inc.’s holdings in Cadence Bank were worth $507,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the stock. Metropolitan Life Insurance Co NY lifted its stake in shares of Cadence Bank by 3.5% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 11,141 shares of the company’s stock valued at $275,000 after purchasing an additional 373 shares during the last quarter. Creative Planning lifted its stake in shares of Cadence Bank by 3.0% in the 4th quarter. Creative Planning now owns 13,051 shares of the company’s stock valued at $322,000 after purchasing an additional 386 shares during the last quarter. Wealthcare Advisory Partners LLC lifted its stake in shares of Cadence Bank by 2.3% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 22,618 shares of the company’s stock valued at $444,000 after purchasing an additional 499 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of Cadence Bank by 4.4% in 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. Finally, Rockefeller Capital Management L.P. raised its holdings in shares of Cadence Bank by 10.7% in the first quarter. Rockefeller Capital Management L.P. now owns 10,129 shares of the company’s stock worth $210,000 after buying an additional 977 shares during the period. 80.22% of the stock is owned by institutional investors.
Cadence Bank Stock Down 0.4 %
Cadence Bank stock opened at $24.77 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $4.52 billion, a price-to-earnings ratio of 12.26 and a beta of 1.00. Cadence Bank has a 1-year low of $16.95 and a 1-year high of $29.17. The business has a fifty day moving average price of $21.54 and a 200-day moving average price of $21.34.
Cadence Bank Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be given a dividend of $0.235 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.94 dividend on an annualized basis and a yield of 3.79%. Cadence Bank’s dividend payout ratio is currently 46.53%.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on CADE shares. TheStreet upgraded Cadence Bank from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Stephens increased their price target on Cadence Bank from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, October 25th. Truist Financial reduced their price objective on Cadence Bank from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, September 27th. Piper Sandler reduced their price objective on Cadence Bank from $30.00 to $28.00 and set an “overweight” rating on the stock in a report on Wednesday, October 25th. Finally, Morgan Stanley raised their price objective on Cadence Bank from $22.00 to $24.00 and gave the stock an “equal weight” rating in a report on Thursday, October 26th. One analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Cadence Bank presently has an average rating of “Moderate Buy” and a consensus target price of $25.45.
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.
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