NFJ Investment Group LLC Sells 5,193 Shares of Cadence Bank (NYSE:CADE)

NFJ Investment Group LLC cut its position in Cadence Bank (NYSE:CADE) by 4.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 112,952 shares of the company’s stock after selling 5,193 shares during the period. NFJ Investment Group LLC’s holdings in Cadence Bank were worth $3,598,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CADE. FMR LLC lifted its holdings in Cadence Bank by 1.2% during the third quarter. FMR LLC now owns 16,423,050 shares of the company’s stock worth $523,074,000 after acquiring an additional 195,773 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Cadence Bank by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after purchasing an additional 593,878 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Cadence Bank by 4.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,242,486 shares of the company’s stock worth $71,423,000 after purchasing an additional 105,231 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Cadence Bank by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock valued at $59,071,000 after buying an additional 36,323 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. increased its position in shares of Cadence Bank by 16.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after acquiring an additional 291,885 shares in the last quarter. 84.61% of the stock is owned by institutional investors.

Cadence Bank Price Performance

Shares of NYSE CADE opened at $37.53 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The business’s 50 day moving average price is $34.60 and its two-hundred day moving average price is $31.58. The company has a market cap of $6.84 billion, a PE ratio of 10.78 and a beta of 0.98. Cadence Bank has a twelve month low of $24.99 and a twelve month high of $40.20.

Cadence Bank (NYSE:CADE) last posted its earnings results on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The business had revenue of $447.36 million for the quarter, compared to analyst estimates of $450.97 million. During the same period in the previous year, the firm earned $0.56 EPS. The firm’s revenue was up 11.0% compared to the same quarter last year. On average, analysts predict that Cadence Bank will post 2.71 EPS for the current year.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Friday, December 13th. Cadence Bank’s dividend payout ratio is presently 28.74%.

Wall Street Analyst Weigh In

Several research firms recently commented on CADE. Royal Bank of Canada boosted their price objective on shares of Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 23rd. Barclays boosted their price objective on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $36.00 to $39.00 in a research report on Monday, September 30th. DA Davidson lifted their target price on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Truist Financial upped their target price on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cadence Bank currently has a consensus rating of “Moderate Buy” and an average target price of $35.29.

About Cadence Bank

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.