Profund Advisors LLC Sells 1,867 Shares of Cadence Bank (NYSE:CADE)

Profund Advisors LLC decreased its holdings in Cadence Bank (NYSE:CADE) by 12.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,708 shares of the company’s stock after selling 1,867 shares during the quarter. Profund Advisors LLC’s holdings in Cadence Bank were worth $359,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its position in shares of Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after buying an additional 436 shares during the last quarter. Rise Advisors LLC acquired a new position in shares of Cadence Bank in the first quarter worth approximately $34,000. Innealta Capital LLC bought a new stake in Cadence Bank in the second quarter valued at approximately $138,000. Argent Advisors Inc. acquired a new stake in Cadence Bank during the 1st quarter valued at approximately $204,000. Finally, Lavaca Capital LLC bought a new position in Cadence Bank during the 1st quarter worth approximately $207,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Stock Performance

CADE opened at $31.62 on Friday. The company has a market cap of $5.76 billion, a price-to-earnings ratio of 10.10 and a beta of 0.97. The company’s fifty day moving average price is $31.36 and its two-hundred day moving average price is $29.36. Cadence Bank has a 1-year low of $19.67 and a 1-year high of $34.13. 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 (NYSE:CADE) last announced its quarterly earnings results on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.08. The business had revenue of $742.87 million for the quarter, compared to analysts’ expectations of $439.63 million. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. During the same quarter last year, the firm earned $0.64 EPS. On average, analysts expect that Cadence Bank will post 2.55 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.00 annualized dividend and a yield of 3.16%. Cadence Bank’s dividend payout ratio (DPR) is currently 31.95%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Royal Bank of Canada upped their price objective on shares of Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 24th. Stephens reiterated an “overweight” rating and set a $35.00 price target on shares of Cadence Bank in a report on Tuesday, July 23rd. Piper Sandler downgraded Cadence Bank from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $33.00 to $34.00 in a research note on Wednesday, July 24th. Morgan Stanley raised their target price on Cadence Bank from $30.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, Jefferies Financial Group dropped their price target on Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a research note on Wednesday, July 3rd. Six investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.46.

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.