Cadence Bank (NYSE:CADE) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC decreased its holdings in Cadence Bank (NYSE:CADE) by 2.3% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 94,460 shares of the company’s stock after selling 2,191 shares during the period. Mutual of America Capital Management LLC’s holdings in Cadence Bank were worth $2,868,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CADE. Norges Bank purchased a new position in Cadence Bank in the fourth quarter valued at approximately $71,915,000. Millennium Management LLC raised its holdings in Cadence Bank by 846.1% in the fourth quarter. Millennium Management LLC now owns 1,052,906 shares of the company’s stock valued at $36,273,000 after buying an additional 941,613 shares during the period. Bessemer Group Inc. raised its holdings in Cadence Bank by 76,386.7% in the first quarter. Bessemer Group Inc. now owns 615,718 shares of the company’s stock valued at $18,694,000 after buying an additional 614,913 shares during the period. First Trust Advisors LP raised its stake in shares of Cadence Bank by 21.2% during the fourth quarter. First Trust Advisors LP now owns 2,634,335 shares of the company’s stock valued at $90,753,000 after purchasing an additional 460,486 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Cadence Bank by 15.0% during the fourth quarter. Northern Trust Corp now owns 2,684,312 shares of the company’s stock valued at $92,475,000 after purchasing an additional 350,660 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on CADE shares. Stephens reiterated an “overweight” rating and set a $40.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 22nd. Piper Sandler upgraded shares of Cadence Bank from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $36.00 to $42.00 in a research note on Tuesday, July 8th. Hovde Group lifted their price objective on shares of Cadence Bank from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Wall Street Zen upgraded shares of Cadence Bank from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Cadence Bank from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, May 9th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Cadence Bank currently has an average rating of “Moderate Buy” and an average target price of $38.50.

Cadence Bank Stock Down 0.3%

Shares of NYSE:CADE opened at $34.91 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.10. The company has a fifty day simple moving average of $32.00 and a 200 day simple moving average of $31.83. The firm has a market cap of $6.36 billion, a PE ratio of 12.25 and a beta of 0.84. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $40.20.

Cadence Bank (NYSE:CADE) last issued its quarterly 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 during the quarter, compared to analyst estimates of $451.61 million. Cadence Bank had a net margin of 18.83% and a return on equity of 9.95%. During the same quarter in the previous year, the firm earned $0.62 earnings per share. On average, equities research analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date was Friday, June 13th. Cadence Bank’s dividend payout ratio is presently 38.60%.

Cadence Bank declared that its board has approved a share repurchase program on Friday, April 25th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is 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.