Great Lakes Advisors LLC holds a $384,000 position in Cadence Bank (NYSE:CADE)

0

Great Lakes Advisors LLC reduced its stake in Cadence Bank (NYSE: CADEGet an assessment) by 23.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor held 13,129 shares of the company after selling 4,120 shares during the quarter. Great Lakes Advisors LLC’s holdings in Cadence Bank were worth $384,000 when it last filed with the SEC.

Other institutional investors and hedge funds have also been buying and selling shares of the company recently. Covestor Ltd acquired a new position in Cadence Bank in the fourth quarter worth $25,000. Quadrant Capital Group LLC acquired a new position in Cadence Bank in the fourth quarter worth $30,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Cadence Bank in the fourth quarter worth $34,000. Prospera Financial Services Inc purchased a new stake in shares of Cadence Bank during the first quarter at a value of $58,000. Finally, Citizens National Bank Trust Department acquired a new stake in Cadence Bank in the fourth quarter valued at approximately $72,000. Institutional investors and hedge funds hold 71.03% of the company’s shares.

Analysts set new price targets

A number of equity analysts have commented on CADE shares. TheStreet upgraded Cadence Bank from a ‘c+’ rating to a ‘b-‘ rating in a Friday May 27 research note. Piper Sandler reduced its target price on Cadence Bank to $33.00 in a Monday, July 4 report. Jefferies Financial Group reduced its target price on Cadence Bank from $28.00 to $26.00 in a Monday, July 11 report. Truist Financial reduced its target price on Cadence Bank from $32.00 to $30.00 in a Wednesday, June 15 report. Finally, Raymond James cut his price target on Cadence Bank from $35.00 to $32.00 and set a “Strong Buy” rating on the stock in a Thursday, July 7 report. Four equity research analysts gave the stock a buy rating and one gave the stock a strong buy rating. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $31.33.

Cadence Bank trades up 1.6%

NYSE CADE opened at $26.60 on Wednesday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt ratio of 0.11. Cadence Bank has a 12-month low of $22.04 and a 12-month high of $34.24. The company has a market capitalization of $2.89 billion, a price-earnings ratio of 15.56 and a beta of 1.07. The company’s 50-day moving average is $24.61 and its 200-day moving average is $27.26.

Cadence bank (NYSE: CADEGet an assessment) last released its quarterly earnings data on Monday, July 25. The company reported earnings per share of $0.68 for the quarter, beating the consensus estimate of $0.66 by $0.02. Cadence Bank achieved a return on equity of 11.01% and a net margin of 17.35%. In the same quarter a year earlier, the company posted EPS of $0.86. As a group, sell-side analysts expect Cadence Bank to post EPS of 2.91 for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 3. Investors of record on Thursday, September 15 will receive a dividend of $0.22 per share. This represents an annualized dividend of $0.88 and a dividend yield of 3.31%. The ex-dividend date is Wednesday, September 14. Cadence Bank’s dividend payout ratio (DPR) is 51.46%.

Cadence Bank Profile

(Get an assessment)

Cadence Bank provides commercial banking and financial services in the United States. Its products and services include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, corporate and business banking, cash management, specialty and asset-based lending, commercial real estate, equipment finance and correspondent banking.

Read more

Institutional ownership by quarter for Cadence Bank (NYSE:CADE)



Get news and reviews for Cadence Bank Daily – Enter your email address below to receive a concise daily summary of breaking news and analyst notes for Cadence Bank and related companies with MarketBeat.com’s free daily email newsletter.

Share.

About Author

Comments are closed.