Howard Financial Services LTD. Trims Holdings in Cadence Bank (NYSE:CADE)

Howard Financial Services LTD. reduced its holdings in shares of Cadence Bank (NYSE:CADE) by 39.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 30,090 shares of the company’s stock after selling 20,000 shares during the period. Howard Financial Services LTD.’s holdings in Cadence Bank were worth $958,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Cadence Bank by 13.0% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 160,897 shares of the company’s stock worth $4,760,000 after acquiring an additional 18,474 shares during the period. Wellington Management Group LLP lifted its position in Cadence Bank by 7.3% in the fourth quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock valued at $248,633,000 after purchasing an additional 574,633 shares during the period. Vanguard Group Inc. lifted its position in Cadence Bank by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 19,330,388 shares of the company’s stock valued at $571,986,000 after purchasing an additional 157,523 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Cadence Bank by 19.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,488 shares of the company’s stock valued at $429,000 after purchasing an additional 2,376 shares in the last quarter. Finally, Rise Advisors LLC acquired a new position in Cadence Bank during the 1st quarter worth approximately $34,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CADE shares. Royal Bank of Canada raised their price target on Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, July 24th. Truist Financial dropped their target price 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 boosted their price target on Cadence Bank from $34.50 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Stephens reaffirmed an “overweight” rating and set a $35.00 price objective on shares of Cadence Bank in a report on Tuesday, July 23rd. Finally, Hovde Group boosted their target price on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $34.88.

Cadence Bank Trading Down 0.8 %

Shares of CADE stock opened at $30.81 on Wednesday. Cadence Bank has a twelve month low of $19.67 and a twelve month high of $34.13. The company has a market capitalization of $5.61 billion, a price-to-earnings ratio of 9.84 and a beta of 0.96. The firm has a 50-day moving average price of $31.05 and a 200 day moving average price of $29.57. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05.

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

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.25%. The ex-dividend date was Friday, September 13th. Cadence Bank’s dividend payout ratio (DPR) is 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.