Cadence Bank (NYSE:CADE) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its position in shares of Cadence Bank (NYSE:CADE) by 0.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 420,109 shares of the company’s stock after selling 3,247 shares during the period. Principal Financial Group Inc. owned approximately 0.23% of Cadence Bank worth $14,473,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in CADE. Point72 Asset Management L.P. purchased a new stake in Cadence Bank during the third quarter valued at about $11,727,000. Vaughan Nelson Investment Management L.P. grew its position in 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 valued at $66,360,000 after acquiring an additional 291,885 shares during the period. Segall Bryant & Hamill LLC grew its position in Cadence Bank by 21.7% during the third quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock valued at $42,396,000 after acquiring an additional 237,748 shares during the period. FMR LLC grew its position in Cadence Bank by 1.2% during the third quarter. FMR LLC now owns 16,423,050 shares of the company’s stock valued at $523,074,000 after acquiring an additional 195,773 shares during the period. Finally, Barclays PLC grew its position in Cadence Bank by 63.7% during the third quarter. Barclays PLC now owns 441,669 shares of the company’s stock valued at $14,067,000 after acquiring an additional 171,940 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Citigroup boosted their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Barclays raised Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $41.00 to $44.00 in a research report on Thursday, December 19th. Keefe, Bruyette & Woods upped their target price on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Stephens reaffirmed an “overweight” rating and issued a $42.00 target price on shares of Cadence Bank in a research report on Thursday, January 23rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $38.00 target price on shares of Cadence Bank in a research report on Friday, January 24th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Cadence Bank presently has an average rating of “Moderate Buy” and an average target price of $38.50.

Cadence Bank Stock Performance

Shares of CADE opened at $32.46 on Thursday. The company has a market capitalization of $5.91 billion, a P/E ratio of 11.72 and a beta of 0.99. Cadence Bank has a one year low of $26.16 and a one year high of $40.20. The stock has a 50-day moving average price of $34.66 and a 200 day moving average price of $34.09.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period in the prior year, the company earned $0.40 earnings per share. As a group, equities research analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.275 per share. The ex-dividend date is Friday, March 14th. This represents a $1.10 annualized dividend and a yield of 3.39%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio is presently 39.71%.

Cadence Bank 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.