Hsbc Holdings PLC Trims Stock Position in Cadence Bank (NYSE:CADE)

Hsbc Holdings PLC trimmed its holdings in Cadence Bank (NYSE:CADE) by 32.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 329,045 shares of the company’s stock after selling 157,062 shares during the period. Hsbc Holdings PLC owned approximately 0.18% of Cadence Bank worth $9,315,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Cadence Bank by 27.4% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 16,483 shares of the company’s stock worth $437,000 after purchasing an additional 3,545 shares during the period. Dimensional Fund Advisors LP increased its position in shares of 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. Oppenheimer Asset Management Inc. purchased a new stake in shares of Cadence Bank in the 2nd quarter valued at approximately $265,000. Federated Hermes Inc. raised its stake in shares of Cadence Bank by 4.4% in the 2nd quarter. Federated Hermes Inc. now owns 152,208 shares of the company’s stock valued at $4,304,000 after acquiring an additional 6,417 shares during the period. Finally, Vest Financial LLC lifted its holdings in shares of Cadence Bank by 31.6% in the 2nd quarter. Vest Financial LLC now owns 40,262 shares of the company’s stock worth $1,139,000 after acquiring an additional 9,673 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Stock Up 0.4 %

Shares of NYSE:CADE opened at $32.13 on Tuesday. Cadence Bank has a fifty-two week low of $19.67 and a fifty-two week high of $34.13. The firm’s 50 day moving average price is $31.40 and its 200 day moving average price is $29.30. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05. The stock has a market cap of $5.85 billion, a price-to-earnings ratio of 10.27 and a beta of 0.97.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. The business had revenue of $742.87 million for the quarter, compared to analyst estimates of $439.63 million. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. During the same period last year, the business earned $0.64 EPS. As a group, equities research analysts predict that Cadence Bank will post 2.56 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, September 13th. This represents a $1.00 annualized dividend and a dividend yield of 3.11%. Cadence Bank’s dividend payout ratio is currently 31.95%.

Analysts Set New Price Targets

CADE has been the topic of a number of research analyst reports. Truist Financial cut their target price on Cadence Bank from $38.00 to $37.00 and set a “buy” rating on the stock in a research report on Friday. DA Davidson boosted their price objective on Cadence Bank from $34.50 to $39.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Royal Bank of Canada raised their target price on Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, July 24th. Stephens reiterated an “overweight” rating and set a $35.00 price target on shares of Cadence Bank in a research note on Tuesday, July 23rd. Finally, Piper Sandler cut shares of Cadence Bank from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $33.00 to $34.00 in a research report on Wednesday, July 24th. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $34.46.

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.