Cullen Frost Bankers Inc. Sells 2,429 Shares of Cadence Bank (NYSE:CADE)

Cullen Frost Bankers Inc. lessened its stake in Cadence Bank (NYSE:CADE) by 6.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,137 shares of the company’s stock after selling 2,429 shares during the period. Cullen Frost Bankers Inc.’s holdings in Cadence Bank were worth $1,010,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP lifted its holdings in Cadence Bank by 15.7% in the 3rd quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock valued at $166,110,000 after purchasing an additional 1,063,055 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Cadence Bank by 81.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock valued at $45,344,000 after purchasing an additional 687,025 shares in the last quarter. American Century Companies Inc. raised its position in shares of Cadence Bank by 35.7% during the 3rd quarter. American Century Companies Inc. now owns 1,258,097 shares of the company’s stock worth $26,697,000 after acquiring an additional 331,097 shares in the last quarter. Comerica Bank purchased a new stake in Cadence Bank in the third quarter valued at $5,177,000. Finally, Graham Capital Management L.P. purchased a new stake in shares of Cadence Bank in the 3rd quarter valued at about $3,765,000. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Up 0.7 %

CADE opened at $29.40 on Friday. Cadence Bank has a 12 month low of $17.38 and a 12 month high of $31.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a market cap of $5.36 billion, a P/E ratio of 9.39 and a beta of 1.01. The stock’s 50 day moving average price is $28.00 and its 200 day moving average price is $27.09.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Friday, April 26th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. The firm had revenue of $437.69 million during the quarter, compared to analyst estimates of $427.18 million. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period last year, the company posted $0.68 EPS. As a group, research analysts predict that Cadence Bank will post 2.48 earnings per share for the current year.

Cadence Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.40%. The ex-dividend date is Friday, June 14th. Cadence Bank’s dividend payout ratio is currently 31.95%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CADE. Barclays lifted their price objective on shares of Cadence Bank from $28.00 to $29.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 24th. Morgan Stanley lifted their price objective on Cadence Bank from $24.00 to $27.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Raymond James cut their target price on Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating for the company in a research note on Wednesday, January 31st. Keefe, Bruyette & Woods lifted their price target on Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $31.00 price objective on shares of Cadence Bank in a research report on Tuesday, April 9th. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.09.

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.