JPMorgan Chase & Co. Sells 80,734 Shares of Cadence Bank (NYSE:CADE)

JPMorgan Chase & Co. cut its holdings in Cadence Bank (NYSE:CADE) by 16.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 413,116 shares of the company’s stock after selling 80,734 shares during the period. JPMorgan Chase & Co. owned approximately 0.23% of Cadence Bank worth $13,158,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CADE. KBC Group NV boosted its holdings in Cadence Bank by 11.5% during the 3rd quarter. KBC Group NV now owns 5,036 shares of the company’s stock valued at $160,000 after acquiring an additional 519 shares during the period. Algert Global LLC lifted its position in Cadence Bank by 2.8% in the third quarter. Algert Global LLC now owns 18,920 shares of the company’s stock valued at $603,000 after purchasing an additional 522 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Cadence Bank by 55.8% during the third quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock valued at $50,000 after purchasing an additional 559 shares during the period. HighTower Advisors LLC grew its holdings in shares of Cadence Bank by 1.4% in the third quarter. HighTower Advisors LLC now owns 43,940 shares of the company’s stock worth $1,406,000 after purchasing an additional 599 shares during the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of Cadence Bank by 8.1% in the third quarter. Tidal Investments LLC now owns 9,769 shares of the company’s stock worth $311,000 after purchasing an additional 730 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Price Performance

Shares of CADE stock opened at $33.53 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. The stock has a market cap of $6.11 billion, a price-to-earnings ratio of 9.64 and a beta of 1.00. The business’s fifty day moving average is $36.39 and its 200 day moving average is $33.06. Cadence Bank has a twelve month low of $24.99 and a twelve month high of $40.20.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping 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 company had revenue of $447.36 million during the quarter, compared to analyst estimates of $450.97 million. During the same period last year, the business earned $0.56 EPS. Cadence Bank’s quarterly revenue was up 11.0% compared to the same quarter last year. Research analysts expect that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, December 13th. This represents a $1.00 annualized dividend and a dividend yield of 2.98%. Cadence Bank’s payout ratio is 28.74%.

Analyst Upgrades and Downgrades

CADE has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods upped their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. DA Davidson upped their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Truist Financial upped their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada increased their price objective on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $37.32.

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.