Cadence Bank (NYSE:CADE) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans trimmed its holdings in Cadence Bank (NYSE:CADE) by 3.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 347,947 shares of the company’s stock after selling 13,757 shares during the period. Thrivent Financial for Lutherans’ holdings in Cadence Bank were worth $9,840,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC increased 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 worth $28,000 after purchasing an additional 436 shares during the last quarter. AlphaMark Advisors LLC grew its holdings in Cadence Bank by 5.6% in the 2nd quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock worth $307,000 after buying an additional 579 shares in the last quarter. Retirement Systems of Alabama increased its position in Cadence Bank by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 229,380 shares of the company’s stock valued at $6,652,000 after acquiring an additional 602 shares during the period. Russell Investments Group Ltd. raised its stake in Cadence Bank by 0.3% during the 1st quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock valued at $6,681,000 after acquiring an additional 689 shares in the last quarter. Finally, Arizona State Retirement System lifted its holdings in Cadence Bank by 1.9% in the second quarter. Arizona State Retirement System now owns 51,159 shares of the company’s stock worth $1,447,000 after purchasing an additional 938 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CADE shares. Barclays raised their target price on shares of Cadence Bank from $30.00 to $33.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 24th. Truist Financial cut their price target on shares of Cadence Bank from $38.00 to $37.00 and set a “buy” rating for the company in a report on Friday, September 20th. DA Davidson lifted their price objective on shares of Cadence Bank from $34.50 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Morgan Stanley boosted their target price on shares of Cadence Bank from $30.00 to $36.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Finally, Stephens restated an “overweight” rating and set a $35.00 target price on shares of Cadence Bank in a report on Tuesday, July 23rd. Six research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $34.46.

Cadence Bank Price Performance

Shares of NYSE:CADE opened at $31.10 on Thursday. The company has a market cap of $5.67 billion, a P/E ratio of 9.94 and a beta of 0.97. Cadence Bank has a 12-month low of $19.67 and a 12-month high of $34.13. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05. The company’s fifty day moving average is $31.36 and its two-hundred day moving average is $29.34.

Cadence Bank (NYSE:CADE) last issued its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The company had revenue of $742.87 million for the quarter, compared to the consensus estimate of $439.63 million. During the same quarter in the prior year, the company earned $0.64 EPS. Equities analysts expect that Cadence Bank will post 2.55 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend is Friday, September 13th. Cadence Bank’s dividend payout ratio is currently 31.95%.

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.