Thrivent Financial for Lutherans Sells 3,793 Shares of Cadence Bank (NYSE:CADE)

Thrivent Financial for Lutherans lessened its position in shares of Cadence Bank (NYSE:CADE) by 1.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 344,154 shares of the company’s stock after selling 3,793 shares during the quarter. Thrivent Financial for Lutherans owned about 0.19% of Cadence Bank worth $10,961,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Atlanta Consulting Group Advisors LLC purchased a new position in Cadence Bank during the 3rd quarter valued at $220,000. Vaughan Nelson Investment Management L.P. raised its position in Cadence Bank by 16.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock valued at $66,360,000 after purchasing an additional 291,885 shares in the last quarter. Natixis Advisors LLC raised its position in Cadence Bank by 15.9% during the 3rd quarter. Natixis Advisors LLC now owns 486,122 shares of the company’s stock valued at $15,483,000 after purchasing an additional 66,747 shares in the last quarter. KBC Group NV raised its position in shares of Cadence Bank by 11.5% in the 3rd quarter. KBC Group NV now owns 5,036 shares of the company’s stock worth $160,000 after acquiring an additional 519 shares in the last quarter. Finally, MQS Management LLC bought a new position in shares of Cadence Bank in the 3rd quarter worth $316,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Cadence Bank Price Performance

CADE opened at $37.97 on Friday. The stock has a fifty day moving average of $33.70 and a 200-day moving average of $31.10. The firm has a market capitalization of $6.92 billion, a P/E ratio of 10.91 and a beta of 0.95. Cadence Bank has a 12-month low of $24.15 and a 12-month high of $39.79. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04.

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

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s payout ratio is 28.74%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CADE. Royal Bank of Canada boosted their price target on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Barclays increased their price objective on Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $36.00 to $39.00 in a research report on Monday, September 30th. DA Davidson upped their price objective on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Truist Financial increased their target price 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 investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cadence Bank presently has an average rating of “Moderate Buy” and a consensus target price of $35.29.

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.