Principal Financial Group Inc. Sells 344,944 Shares of Cadence Bank (NYSE:CADE)

Principal Financial Group Inc. trimmed its position in Cadence Bank (NYSE:CADE) by 44.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 423,356 shares of the company’s stock after selling 344,944 shares during the period. Principal Financial Group Inc. owned 0.23% of Cadence Bank worth $13,484,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake 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 valued at $587,867,000 after purchasing an additional 940,895 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its position 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 worth $1,998,000 after buying an additional 16,850 shares during the period. 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 worth $628,000 after buying an additional 17,774 shares during the period. Natixis Advisors LLC grew its holdings in Cadence Bank by 8.0% during the 2nd quarter. Natixis Advisors LLC now owns 419,375 shares of the company’s stock worth $11,860,000 after acquiring an additional 30,945 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in Cadence Bank in the 3rd quarter valued at approximately $5,511,000. Institutional investors own 84.61% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CADE shares. Truist Financial boosted their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Hovde Group increased their price target on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. DA Davidson raised their price objective on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada upped their target price on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Finally, Stephens restated an “overweight” rating and set a $35.00 price target on shares of Cadence Bank in a report on Tuesday, July 23rd. Five equities research analysts have rated the stock with a hold rating, six 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 an average price target of $35.29.

Cadence Bank Trading Down 0.8 %

CADE opened at $37.70 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The company has a fifty day moving average price of $33.14 and a two-hundred day moving average price of $30.87. The company has a market cap of $6.87 billion, a P/E ratio of 10.83 and a beta of 0.95. Cadence Bank has a 1-year low of $24.15 and a 1-year high of $39.79.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.09. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The business had revenue of $447.36 million for the quarter, compared to analyst estimates of $450.97 million. During the same quarter in the prior year, the company earned $0.56 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. Analysts predict that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s payout ratio is currently 28.74%.

Cadence Bank 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.