Ignite Planners LLC Decreases Holdings in Cadence Bank (NYSE:CADE)

Ignite Planners LLC decreased its position in shares of Cadence Bank (NYSE:CADE) by 57.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,102 shares of the company’s stock after selling 13,525 shares during the period. Ignite Planners LLC’s holdings in Cadence Bank were worth $322,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in 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 acquiring an additional 940,895 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Cadence Bank by 6.4% during the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after acquiring an additional 593,878 shares during the last quarter. Wellington Management Group LLP lifted its position in Cadence Bank by 7.3% during the fourth quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock valued at $248,633,000 after acquiring an additional 574,633 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Cadence Bank by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock worth $59,071,000 after buying an additional 36,323 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its holdings in shares of Cadence Bank by 1.8% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,791,633 shares of the company’s stock worth $50,667,000 after buying an additional 31,815 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CADE shares. Stephens reaffirmed an “overweight” rating and issued a $35.00 price target on shares of Cadence Bank in a report on Tuesday, July 23rd. Royal Bank of Canada raised their price target on shares of Cadence Bank from $31.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 24th. Piper Sandler cut shares of Cadence Bank from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $33.00 to $34.00 in a report on Wednesday, July 24th. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Finally, Jefferies Financial Group cut their price objective on shares of Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a research note on Wednesday, July 3rd. 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $34.88.

Cadence Bank Stock Down 0.8 %

CADE stock opened at $30.81 on Wednesday. The firm has a market cap of $5.61 billion, a PE ratio of 9.84 and a beta of 0.96. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.86 and a current ratio of 0.86. The firm’s fifty day moving average is $31.05 and its 200 day moving average is $29.57. Cadence Bank has a one year low of $19.67 and a one year high of $34.13.

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

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a $0.25 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.00 annualized dividend and a dividend yield of 3.25%. 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.