Jane Street Group LLC Lowers Holdings in Cadence Bank (NYSE:CADE)

Jane Street Group LLC trimmed its position in Cadence Bank (NYSE:CADE) by 80.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,568 shares of the company’s stock after selling 191,943 shares during the period. Jane Street Group LLC’s holdings in Cadence Bank were worth $1,604,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brooklyn Investment Group acquired a new stake in Cadence Bank in the fourth quarter valued at $26,000. Mather Group LLC. lifted its holdings in Cadence Bank by 716.2% in the fourth 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. Keystone Financial Group Inc. acquired a new stake in Cadence Bank in the fourth quarter valued at $31,000. Smartleaf Asset Management LLC lifted its holdings in Cadence Bank by 163.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock valued at $40,000 after acquiring an additional 722 shares during the period. Finally, Parkside Financial Bank & Trust lifted its holdings in Cadence Bank by 504.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company’s stock valued at $59,000 after acquiring an additional 1,434 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CADE has been the subject of several research reports. Royal Bank of Canada cut their price target on Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 23rd. Keefe, Bruyette & Woods lifted their price target on Cadence Bank from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Friday, May 9th. Barclays cut their price target on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Stephens reaffirmed an “overweight” rating and set a $40.00 price target on shares of Cadence Bank in a research note on Tuesday, April 22nd. Finally, Citigroup lifted their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Cadence Bank currently has a consensus rating of “Moderate Buy” and an average target price of $36.82.

Cadence Bank Stock Down 0.6%

CADE stock opened at $31.83 on Monday. The company has a market capitalization of $5.80 billion, a P/E ratio of 11.49 and a beta of 0.84. The company has a 50-day simple moving average of $29.46 and a 200 day simple moving average of $33.23. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20.

Cadence Bank (NYSE:CADE) last issued its earnings results on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.07. The business had revenue of $448.55 million for the quarter, compared to analysts’ expectations of $451.61 million. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period in the previous year, the firm posted $0.62 EPS. Equities analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a $0.275 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.46%. Cadence Bank’s dividend payout ratio is 38.60%.

Cadence Bank declared that its Board of Directors has authorized a share repurchase plan on Friday, April 25th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

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.