LSV Asset Management Sells 13,800 Shares of Cadence Bank (NYSE:CADE)

LSV Asset Management cut its position in shares of Cadence Bank (NYSE:CADE) by 35.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,150 shares of the company’s stock after selling 13,800 shares during the quarter. LSV Asset Management’s holdings in Cadence Bank were worth $711,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. GAMMA Investing LLC boosted its position in Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after purchasing an additional 436 shares during the last quarter. Rise Advisors LLC acquired a new position in Cadence Bank during the first quarter valued at approximately $34,000. Innealta Capital LLC acquired a new position in Cadence Bank during the second quarter valued at approximately $138,000. Argent Advisors Inc. acquired a new position in Cadence Bank during the first quarter valued at approximately $204,000. Finally, Lavaca Capital LLC acquired a new position in Cadence Bank during the first quarter valued at approximately $207,000. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Stock Performance

NYSE:CADE opened at $30.74 on Friday. The stock has a market cap of $5.60 billion, a P/E ratio of 9.82 and a beta of 0.97. The stock has a 50 day simple moving average of $30.96 and a 200 day simple moving average of $29.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05. Cadence Bank has a 1-year low of $19.67 and a 1-year high of $34.13.

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

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a yield of 3.25%. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CADE shares. Morgan Stanley increased their price target 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. DA Davidson increased their price target on Cadence Bank from $34.50 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Barclays raised their price objective on Cadence Bank from $30.00 to $33.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 24th. Truist Financial raised their price objective on Cadence Bank from $31.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, Piper Sandler cut Cadence Bank from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $33.00 to $34.00 in a research report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $34.54.

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.