Rhumbline Advisers Decreases Position in Cadence Bank (NYSE:CADE)

Rhumbline Advisers trimmed its position in shares of Cadence Bank (NYSE:CADE) by 1.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 632,091 shares of the company’s stock after selling 7,576 shares during the quarter. Rhumbline Advisers owned approximately 0.35% of Cadence Bank worth $17,876,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Natixis Advisors LLC lifted its position in shares of Cadence Bank by 8.0% in the second quarter. Natixis Advisors LLC now owns 419,375 shares of the company’s stock valued at $11,860,000 after acquiring an additional 30,945 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Cadence Bank in the second quarter valued at $138,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Cadence Bank by 4.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,534 shares of the company’s stock valued at $1,175,000 after acquiring an additional 1,656 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of 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 acquiring an additional 36,323 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its position in shares of Cadence Bank by 1.8% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,791,633 shares of the company’s stock valued at $50,667,000 after acquiring an additional 31,815 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Stock Performance

Shares of NYSE:CADE opened at $30.72 on Tuesday. The firm has a market capitalization of $5.60 billion, a PE ratio of 9.81 and a beta of 0.97. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86. The business has a 50-day moving average of $30.84 and a two-hundred day moving average of $29.02. Cadence Bank has a 12 month low of $19.67 and a 12 month high of $34.13.

Cadence Bank (NYSE:CADE) last posted its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The business had revenue of $742.87 million during the quarter, compared to analyst estimates of $439.63 million. During the same quarter last year, the firm earned $0.64 earnings per share. As a group, research analysts forecast that Cadence Bank will post 2.56 earnings per share for the current year.

Cadence Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.25 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.26%. Cadence Bank’s dividend payout ratio (DPR) is currently 31.95%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CADE shares. Morgan Stanley upped their price objective on Cadence Bank from $30.00 to $36.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Truist Financial upped their target price on Cadence Bank from $31.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Jefferies Financial Group dropped their target price on Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a research note on Wednesday, July 3rd. Hovde Group upped their target price on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Finally, DA Davidson upped their target price on Cadence Bank from $34.50 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.54.

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.