Wealthcare Advisory Partners LLC Sells 2,881 Shares of Cadence Bank (NYSE:CADE)

Wealthcare Advisory Partners LLC cut its stake in Cadence Bank (NYSE:CADE) by 12.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,797 shares of the company’s stock after selling 2,881 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Cadence Bank were worth $586,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Fifth Third Bancorp raised its stake in Cadence Bank by 165.8% in the third quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock worth $31,000 after buying an additional 905 shares in the last quarter. Wolverine Asset Management LLC lifted its stake in shares of Cadence Bank by 952.0% in the 4th quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock valued at $31,000 after purchasing an additional 952 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Cadence Bank by 8.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock valued at $142,000 after purchasing an additional 524 shares in the last quarter. Hardy Reed LLC purchased a new stake in Cadence Bank in the third quarter worth $203,000. Finally, Moody Lynn & Lieberson LLC bought a new position in Cadence Bank in the fourth quarter worth $205,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CADE has been the topic of a number of research reports. Keefe, Bruyette & Woods boosted their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Jefferies Financial Group lowered their target price on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a report on Monday, April 8th. Truist Financial upped their price target on Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Hovde Group upgraded Cadence Bank from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $32.50 to $33.00 in a research note on Wednesday, April 24th. Finally, Barclays increased their target price on Cadence Bank from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 24th. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Cadence Bank has an average rating of “Moderate Buy” and an average price target of $31.09.

Cadence Bank Price Performance

NYSE CADE opened at $29.21 on Thursday. Cadence Bank has a one year low of $17.38 and a one year high of $31.45. The stock has a 50-day moving average of $27.96 and a 200 day moving average of $27.07. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market capitalization of $5.34 billion, a price-to-earnings ratio of 9.33 and a beta of 1.01.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Friday, April 26th. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The firm had revenue of $437.69 million during the quarter, compared to analysts’ expectations of $427.18 million. During the same period in the previous year, the company earned $0.68 earnings per share. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. On average, sell-side analysts forecast that Cadence Bank will post 2.48 EPS for the current year.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.42%. The ex-dividend date is Friday, June 14th. Cadence Bank’s payout ratio is currently 31.95%.

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.