Principal Financial Group Inc. Sells 344,944 Shares of Cadence Bank (NYSE:CADE)

Principal Financial Group Inc. trimmed its position in shares of Cadence Bank (NYSE:CADE) by 44.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 423,356 shares of the company’s stock after selling 344,944 shares during the period. Principal Financial Group Inc. owned 0.23% of Cadence Bank worth $13,484,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings 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 period. Point72 Asset Management L.P. purchased a new stake in shares of Cadence Bank during the third quarter worth about $11,727,000. Vaughan Nelson Investment Management L.P. grew its position in shares of Cadence Bank by 16.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after purchasing an additional 291,885 shares in the last quarter. Segall Bryant & Hamill LLC raised its stake in Cadence Bank by 21.7% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock valued at $42,396,000 after purchasing an additional 237,748 shares during the period. Finally, FMR LLC lifted its holdings in Cadence Bank by 1.2% in the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company’s stock worth $523,074,000 after purchasing an additional 195,773 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Down 1.5 %

NYSE CADE opened at $34.49 on Friday. 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 has a 52 week low of $24.99 and a 52 week high of $40.20. The firm has a market capitalization of $6.28 billion, a price-to-earnings ratio of 9.91 and a beta of 0.98. The company has a fifty day moving average of $36.21 and a two-hundred day moving average of $32.57.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.64 by $0.09. The company had revenue of $447.36 million for the quarter, compared to the consensus estimate of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The firm’s revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.56 EPS. On average, analysts predict that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 annualized dividend and a dividend yield of 2.90%. Cadence Bank’s payout ratio is 28.74%.

Wall Street Analysts Forecast Growth

CADE has been the topic of several recent analyst reports. Truist Financial lifted their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $41.00 to $44.00 in a research report on Thursday, December 19th. DA Davidson boosted their target price on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods raised their price target on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $36.88.

About Cadence Bank

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.