Cadence Bank (NYSE:CADE) Stake Cut by American International Group Inc.

American International Group Inc. reduced its holdings in Cadence Bank (NYSE:CADE) by 3.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 335,890 shares of the company’s stock after selling 10,883 shares during the period. American International Group Inc. owned about 0.18% of Cadence Bank worth $9,939,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CADE. Norges Bank purchased a new stake in Cadence Bank in the 4th quarter worth about $60,490,000. Wellington Management Group LLP lifted its stake in Cadence Bank by 15.7% in the 3rd quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock worth $166,110,000 after acquiring an additional 1,063,055 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in Cadence Bank by 81.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock worth $45,344,000 after acquiring an additional 687,025 shares in the last quarter. Ranger Investment Management L.P. raised its stake in shares of Cadence Bank by 59.4% during the 4th quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock worth $31,205,000 after purchasing an additional 393,037 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Cadence Bank by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock worth $273,421,000 after purchasing an additional 376,989 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CADE. Hovde Group raised Cadence Bank from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $32.50 to $33.00 in a research note on Wednesday, April 24th. Barclays raised their price target on Cadence Bank from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 24th. Truist Financial raised their price target on Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Jefferies Financial Group cut their price target on Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a research note on Monday, April 8th. Finally, Keefe, Bruyette & Woods increased their price objective on Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $31.09.

Cadence Bank Stock Performance

CADE opened at $27.32 on Wednesday. The firm has a market capitalization of $4.98 billion, a P/E ratio of 8.73 and a beta of 0.99. The stock’s 50 day moving average price is $28.23 and its two-hundred day moving average price is $28.16. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. Cadence Bank has a 12-month low of $18.97 and a 12-month high of $31.45.

Cadence Bank (NYSE:CADE) last released its earnings results on Friday, April 26th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. The firm had revenue of $437.69 million for the quarter, compared to analyst estimates of $427.18 million. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The company’s revenue was up 12.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.68 EPS. On average, equities analysts forecast that Cadence Bank will post 2.48 earnings per share for the current year.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date of this dividend is Friday, June 14th. Cadence Bank’s dividend payout ratio (DPR) 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.