Cadence Bank (NYSE:CADE) Holdings Trimmed by Victory Capital Management Inc.

Victory Capital Management Inc. lowered its stake in Cadence Bank (NYSE:CADE) by 1.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,768 shares of the company’s stock after selling 923 shares during the quarter. Victory Capital Management Inc.’s holdings in Cadence Bank were worth $1,585,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the company. GSA Capital Partners LLP grew its holdings in shares of Cadence Bank by 7.2% during the 3rd quarter. GSA Capital Partners LLP now owns 42,635 shares of the company’s stock valued at $1,358,000 after acquiring an additional 2,857 shares in the last quarter. Wolverine Asset Management LLC increased its holdings in shares of Cadence Bank by 59.4% during the 3rd quarter. Wolverine Asset Management LLC now owns 10,917 shares of the company’s stock valued at $348,000 after acquiring an additional 4,069 shares during the last quarter. Americana Partners LLC bought a new position in shares of Cadence Bank in the third quarter valued at approximately $201,000. US Bancorp DE boosted its holdings in Cadence Bank by 8.5% during the third quarter. US Bancorp DE now owns 22,839 shares of the company’s stock valued at $727,000 after acquiring an additional 1,781 shares during the period. Finally, New York State Teachers Retirement System grew its holdings in Cadence Bank by 0.8% in the 3rd quarter. New York State Teachers Retirement System now owns 223,359 shares of the company’s stock valued at $7,114,000 after buying an additional 1,762 shares during 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 brokerages recently commented on CADE. Royal Bank of Canada upped their target price 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. DA Davidson upped their price target on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Barclays lifted their target price on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Finally, Truist Financial lifted their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Five research 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.29.

Cadence Bank Stock Performance

Shares of CADE stock opened at $39.29 on Tuesday. The firm has a market cap of $7.16 billion, a PE ratio of 11.29 and a beta of 0.95. Cadence Bank has a 12 month low of $24.15 and a 12 month high of $40.20. The company’s fifty day simple moving average is $33.99 and its 200-day simple moving average is $31.26. 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 released its earnings results on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $450.97 million. During the same period last year, the business earned $0.56 earnings per share. The firm’s revenue was up 11.0% on a year-over-year basis. Equities research analysts expect that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s payout ratio is 28.74%.

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.