Alliancebernstein L.P. Sells 2,518 Shares of Cadence Bank (NYSE:CADE)

Alliancebernstein L.P. decreased its holdings in Cadence Bank (NYSE:CADE) by 0.6% in the fourth quarter, Holdings Channel reports. The fund owned 386,488 shares of the company’s stock after selling 2,518 shares during the quarter. Alliancebernstein L.P.’s holdings in Cadence Bank were worth $13,315,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. O Shaughnessy Asset Management LLC lifted its stake in Cadence Bank by 23.3% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 8,809 shares of the company’s stock worth $303,000 after purchasing an additional 1,665 shares during the last quarter. Schroder Investment Management Group bought a new stake in Cadence Bank in the fourth quarter worth about $249,000. Premier Fund Managers Ltd bought a new stake in Cadence Bank in the fourth quarter worth about $504,000. Pictet Asset Management Holding SA lifted its stake in Cadence Bank by 7.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 28,439 shares of the company’s stock worth $980,000 after purchasing an additional 2,073 shares during the last quarter. Finally, Norges Bank bought a new stake in Cadence Bank in the fourth quarter worth about $71,915,000. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Up 9.0 %

Shares of CADE stock opened at $28.79 on Thursday. The firm has a market cap of $5.25 billion, a price-to-earnings ratio of 10.39 and a beta of 0.87. The company’s 50 day moving average is $31.50 and its 200 day moving average is $33.76. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter last year, the business earned $0.40 EPS. Analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were issued a $0.275 dividend. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 3.82%. The ex-dividend date was Friday, March 14th. Cadence Bank’s payout ratio is currently 39.71%.

Wall Street Analyst Weigh In

CADE has been the subject of several analyst reports. Hovde Group decreased their price objective on shares of Cadence Bank from $40.00 to $35.00 and set a “market perform” rating for the company in a research note on Wednesday, April 2nd. Barclays decreased their price objective on shares of Cadence Bank from $44.00 to $38.00 and set an “overweight” rating for the company in a research note on Tuesday. Morgan Stanley reduced their target price on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Citigroup raised their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $38.00 target price on shares of Cadence Bank in a research report on Friday, January 24th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Cadence Bank has a consensus rating of “Moderate Buy” and an average price target of $38.09.

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.