Stonegate Investment Group LLC Trims Holdings in Cadence Bank (NYSE:CADE)

Stonegate Investment Group LLC decreased its position in shares of Cadence Bank (NYSE:CADE) by 7.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,931 shares of the company’s stock after selling 610 shares during the period. Stonegate Investment Group LLC’s holdings in Cadence Bank were worth $253,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Cadence Bank by 4.9% during the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after purchasing an additional 940,895 shares in the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Cadence Bank by 32.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 68,892 shares of the company’s stock valued at $1,998,000 after buying an additional 16,850 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of Cadence Bank in the 1st quarter worth $716,000. Blue Trust Inc. increased its holdings in shares of Cadence Bank by 456.6% in the 2nd quarter. Blue Trust Inc. now owns 21,667 shares of the company’s stock worth $628,000 after buying an additional 17,774 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Cadence Bank by 14.8% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company’s stock valued at $51,034,000 after buying an additional 227,395 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Cadence Bank Trading Down 1.8 %

Shares of CADE opened at $32.89 on Friday. 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 firm has a market capitalization of $5.99 billion, a price-to-earnings ratio of 10.51 and a beta of 0.96. The company has a 50-day moving average of $31.46 and a 200 day moving average of $29.79. Cadence Bank has a 1-year low of $19.67 and a 1-year high of $34.13.

Cadence Bank (NYSE:CADE) last posted 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. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The firm had revenue of $742.87 million during the quarter, compared to the consensus estimate of $439.63 million. During the same quarter in the previous year, the firm posted $0.64 earnings per share. On average, research analysts expect that Cadence Bank will post 2.57 EPS for the current year.

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend was Friday, September 13th. Cadence Bank’s payout ratio is 31.95%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CADE shares. Royal Bank of Canada boosted their price objective on Cadence Bank from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 24th. Stephens reissued an “overweight” rating and set a $35.00 target price on shares of Cadence Bank in a research report on Tuesday, July 23rd. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Hovde Group boosted their price objective on shares of Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Finally, Jefferies Financial Group reduced their target price on shares of Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a research note on Wednesday, July 3rd. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.88.

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.