Wedge Capital Management L L P NC trimmed its stake in Cadence Bank (NYSE:CADE – Free Report) by 2.0% during the fourth quarter, Holdings Channel reports. The fund owned 369,496 shares of the company’s stock after selling 7,568 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Cadence Bank were worth $10,933,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC increased its position in Cadence Bank by 8.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock worth $142,000 after buying an additional 524 shares during the period. Sheets Smith Wealth Management grew its holdings in shares of Cadence Bank by 3.8% during the 3rd quarter. Sheets Smith Wealth Management now owns 16,256 shares of the company’s stock worth $345,000 after purchasing an additional 589 shares in the last quarter. AlphaMark Advisors LLC grew its holdings in shares of Cadence Bank by 6.8% during the 4th quarter. AlphaMark Advisors LLC now owns 11,482 shares of the company’s stock worth $340,000 after purchasing an additional 728 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Cadence Bank by 1.5% during the 3rd quarter. Arizona State Retirement System now owns 52,032 shares of the company’s stock worth $1,104,000 after purchasing an additional 789 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in shares of Cadence Bank by 165.8% during the 3rd quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock worth $31,000 after purchasing an additional 905 shares in the last quarter. 84.61% of the stock is owned by institutional investors.
Cadence Bank Trading Up 2.7 %
Shares of CADE stock traded up $0.76 on Tuesday, reaching $28.50. 317,361 shares of the stock were exchanged, compared to its average volume of 1,356,123. The stock has a market cap of $5.21 billion, a PE ratio of 9.54 and a beta of 1.02. Cadence Bank has a one year low of $16.95 and a one 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 stock has a 50 day moving average price of $27.56 and a 200 day moving average price of $26.46.
Cadence Bank Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date was Thursday, March 14th. This is an increase from Cadence Bank’s previous quarterly dividend of $0.24. Cadence Bank’s dividend payout ratio is currently 34.36%.
Analyst Ratings Changes
Several brokerages have recently weighed in on CADE. Barclays began coverage on Cadence Bank in a report on Friday, March 8th. They set an “equal weight” rating and a $28.00 price objective on the stock. Jefferies Financial Group decreased their price objective on Cadence Bank from $30.00 to $29.00 and set a “hold” rating on the stock in a report on Monday, April 8th. Truist Financial boosted their price target on Cadence Bank from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $31.00 price target on shares of Cadence Bank in a research note on Tuesday, April 9th. Finally, Morgan Stanley boosted their price target on Cadence Bank from $24.00 to $27.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating, four have issued 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 an average price target of $30.65.
View Our Latest Report on CADE
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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