Cadence Bank (NYSE:CADE) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its holdings in Cadence Bank (NYSE:CADE) by 0.8% during the 4th quarter, Holdings Channel reports. The fund owned 420,109 shares of the company’s stock after selling 3,247 shares during the quarter. Principal Financial Group Inc.’s holdings in Cadence Bank were worth $14,473,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its position in Cadence Bank by 19.3% in the 4th quarter. GAMMA Investing LLC now owns 1,862 shares of the company’s stock valued at $64,000 after acquiring an additional 301 shares during the period. KBC Group NV increased its position in Cadence Bank by 11.5% in 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 increased its position in Cadence Bank by 2.8% in the 3rd quarter. Algert Global LLC now owns 18,920 shares of the company’s stock valued at $603,000 after acquiring an additional 522 shares during the period. HighTower Advisors LLC increased its position in Cadence Bank by 1.4% in the 3rd quarter. HighTower Advisors LLC now owns 43,940 shares of the company’s stock valued at $1,406,000 after acquiring an additional 599 shares during the period. Finally, Mather Group LLC. increased its position in Cadence Bank by 716.2% in the 4th quarter. Mather Group LLC. now owns 808 shares of the company’s stock valued at $28,000 after acquiring an additional 709 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CADE has been the topic of several analyst reports. Keefe, Bruyette & Woods raised their target price on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $38.00 price target on shares of Cadence Bank in a research note on Friday, January 24th. Barclays raised Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $41.00 to $44.00 in a research note on Thursday, December 19th. Citigroup increased their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. Finally, Stephens reaffirmed an “overweight” rating and set a $42.00 price target on shares of Cadence Bank in a research note on Thursday, January 23rd. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $38.50.

Cadence Bank Stock Down 0.1 %

CADE opened at $32.46 on Thursday. The firm has a market cap of $5.91 billion, a PE ratio of 11.72 and a beta of 0.99. The business has a fifty day simple moving average of $34.66 and a 200-day simple moving average of $34.09. Cadence Bank has a fifty-two week low of $26.16 and a fifty-two week high of $40.20.

Cadence Bank (NYSE:CADE) last released its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period last year, the company earned $0.40 earnings per share. On average, equities research analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a $0.275 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.39%. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio is presently 39.71%.

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.