Cadence Bank (NYSE:CADE) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC reduced its position in shares of Cadence Bank (NYSE:CADE) by 0.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 182,828 shares of the company’s stock after selling 1,515 shares during the period. Wedge Capital Management L L P NC owned approximately 0.10% of Cadence Bank worth $6,298,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. acquired a new stake in shares of Cadence Bank in the 3rd quarter valued at approximately $11,727,000. Vaughan Nelson Investment Management L.P. raised its position in Cadence Bank by 16.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after acquiring an additional 291,885 shares in the last quarter. Segall Bryant & Hamill LLC lifted its holdings in Cadence Bank by 21.7% in 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 boosted its position in shares of Cadence Bank by 1.2% during the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company’s stock worth $523,074,000 after purchasing an additional 195,773 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Cadence Bank during the 3rd quarter worth $5,511,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Stock Performance

Shares of NYSE CADE opened at $35.65 on Friday. The company has a 50-day simple moving average of $36.29 and a 200-day simple moving average of $33.30. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $6.50 billion, a PE ratio of 10.24 and a beta of 1.00. Cadence Bank has a 12 month low of $24.99 and a 12 month high of $40.20.

Cadence Bank (NYSE:CADE) last released its earnings results on Monday, October 21st. The company reported $0.73 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 firm had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. During the same period in the previous year, the company earned $0.56 EPS. Cadence Bank’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, equities analysts anticipate that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.00 annualized dividend and a yield of 2.81%. Cadence Bank’s payout ratio is currently 28.74%.

Wall Street Analysts Forecast Growth

CADE has been the topic of a number of research analyst reports. DA Davidson boosted 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 raised Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $41.00 to $44.00 in a research note on Thursday, December 19th. Keefe, Bruyette & Woods raised their price objective on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Royal Bank of Canada boosted their target price on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd. Finally, Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $36.00 to $39.00 in a research report on Monday, September 30th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Cadence Bank has a consensus rating of “Moderate Buy” and an average target price of $37.32.

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.