Concurrent Investment Advisors LLC lowered its stake in Cadence Bank (NYSE:CADE – Free Report) by 49.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 39,216 shares of the company’s stock after selling 38,278 shares during the period. Concurrent Investment Advisors LLC’s holdings in Cadence Bank were worth $1,249,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Cadence Bank by 4.9% in the 1st 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 during the period. State Board of Administration of Florida Retirement System increased its stake in shares of Cadence Bank by 32.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 68,892 shares of the company’s stock worth $1,998,000 after buying an additional 16,850 shares during the period. Entropy Technologies LP bought a new stake in Cadence Bank during the 1st quarter valued at $716,000. Blue Trust Inc. boosted its position in Cadence Bank by 456.6% during the 2nd quarter. Blue Trust Inc. now owns 21,667 shares of the company’s stock valued at $628,000 after buying an additional 17,774 shares during the period. Finally, Natixis Advisors LLC boosted its position in Cadence Bank by 8.0% during the 2nd quarter. Natixis Advisors LLC now owns 419,375 shares of the company’s stock valued at $11,860,000 after buying an additional 30,945 shares during the period. Institutional investors own 84.61% of the company’s stock.
Cadence Bank Trading Up 0.9 %
NYSE:CADE opened at $37.91 on Friday. The firm has a market capitalization of $6.91 billion, a P/E ratio of 10.89 and a beta of 0.95. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. Cadence Bank has a one year low of $21.47 and a one year high of $38.77. The company’s 50-day simple moving average is $32.45 and its 200 day simple moving average is $30.52.
Cadence Bank Dividend Announcement
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 $0.25 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.64%. Cadence Bank’s dividend payout ratio is currently 28.74%.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on CADE. Royal Bank of Canada upped 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 note on Wednesday, October 23rd. Piper Sandler lowered Cadence Bank from an “overweight” rating to a “neutral” rating and upped their price target for the company from $33.00 to $34.00 in a research report on Wednesday, July 24th. Hovde Group lifted their price objective on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. DA Davidson upped their target price on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Truist Financial raised their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Bank has a consensus rating of “Moderate Buy” and a consensus target price of $35.29.
Get Our Latest Analysis on Cadence Bank
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.
Featured Stories
- Five stocks we like better than Cadence Bank
- 3 Stocks to Protect Your Portfolio from the Coronavirus Contagion
- Dot Ai IPO: CEO Ed Nabrotzky Shares Vision for Logistics Future
- 5 discounted opportunities for dividend growth investors
- The Hottest Markets to Watch After the Fed’s 25 Bps Rate Cut
- What Are Dividend Champions? How to Invest in the Champions
- The Top 5 Performing S&P 500 Stocks YTD in 2024
Want to see what other hedge funds are holding CADE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Bank (NYSE:CADE – Free Report).
Receive News & Ratings for Cadence Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Bank and related companies with MarketBeat.com's FREE daily email newsletter.