Raymond James & Associates Sells 959 Shares of Cadence Bank (NYSE:CADE)

Raymond James & Associates reduced its stake in Cadence Bank (NYSE:CADE) by 0.4% during the third quarter, according to its most recent filing with the SEC. The fund owned 255,664 shares of the company’s stock after selling 959 shares during the quarter. Raymond James & Associates owned 0.14% of Cadence Bank worth $8,143,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Cadence Bank by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock valued at $587,867,000 after buying an additional 940,895 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Cadence Bank by 6.4% in the 2nd 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. SG Americas Securities LLC purchased a new stake in Cadence Bank during the third quarter valued at about $1,364,000. Seven Eight Capital LP bought a new position in Cadence Bank during the second quarter worth about $1,198,000. Finally, Bank of New York Mellon Corp increased its stake 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 purchasing an additional 36,323 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.

Analyst Upgrades and Downgrades

CADE has been the subject of several analyst reports. DA Davidson raised their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Barclays lifted their price target on Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. Piper Sandler cut Cadence Bank from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $33.00 to $34.00 in a report on Wednesday, July 24th. Jefferies Financial Group reduced their target price on Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a report on Wednesday, July 3rd. Finally, Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $36.00 to $39.00 in a report on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.29.

Cadence Bank Stock Up 0.1 %

Shares of CADE opened at $33.85 on Wednesday. The firm has a market cap of $6.17 billion, a P/E ratio of 10.81 and a beta of 0.96. Cadence Bank has a 1 year low of $20.83 and a 1 year high of $34.25. The stock has a 50 day simple moving average of $31.95 and a two-hundred day simple moving average of $30.10. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86.

Cadence Bank (NYSE:CADE) last issued its earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The company had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. During the same quarter last year, the company earned $0.56 EPS. The firm’s revenue was up 11.0% compared to the same quarter last year. On average, analysts forecast that Cadence Bank will post 2.57 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

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 yield of 2.95%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio is presently 31.95%.

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.