Cadence Bank (NYSE:CADE) Shares Sold by Deutsche Bank AG

Deutsche Bank AG reduced its position in Cadence Bank (NYSE:CADE) by 2.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 341,977 shares of the company’s stock after selling 8,288 shares during the period. Deutsche Bank AG owned about 0.19% of Cadence Bank worth $10,382,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Teacher Retirement System of Texas increased its holdings in Cadence Bank by 312.7% in the 1st quarter. Teacher Retirement System of Texas now owns 49,592 shares of the company’s stock worth $1,506,000 after acquiring an additional 37,576 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Cadence Bank by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 425,330 shares of the company’s stock worth $12,913,000 after acquiring an additional 5,221 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in Cadence Bank by 3.1% in the 1st quarter. State of Alaska Department of Revenue now owns 21,500 shares of the company’s stock worth $652,000 after acquiring an additional 640 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Cadence Bank by 2.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 69,707 shares of the company’s stock worth $2,116,000 after acquiring an additional 1,670 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Cadence Bank by 55.3% in the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company’s stock worth $88,000 after acquiring an additional 1,030 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Trading Down 2.4%

Shares of CADE stock opened at $35.38 on Friday. The company’s 50-day moving average price is $33.68 and its 200-day moving average price is $31.86. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25. The stock has a market cap of $6.45 billion, a price-to-earnings ratio of 12.59 and a beta of 0.89. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.04. The firm had revenue of $476.32 million for the quarter, compared to analysts’ expectations of $467.60 million. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. During the same quarter in the previous year, the company posted $0.73 EPS. As a group, equities analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank declared that its Board of Directors has authorized a stock repurchase plan on Friday, April 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Cadence Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.10 annualized dividend and a dividend yield of 3.1%. Cadence Bank’s payout ratio is presently 39.15%.

Analyst Upgrades and Downgrades

CADE has been the subject of several recent analyst reports. Royal Bank Of Canada boosted their price target on shares of Cadence Bank from $34.00 to $37.00 and gave the stock a “sector perform” rating in a report on Friday, July 25th. Piper Sandler upped their target price on shares of Cadence Bank from $42.00 to $43.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. Wall Street Zen lowered shares of Cadence Bank from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Barclays reaffirmed an “overweight” rating and set a $41.00 target price (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Finally, Hovde Group upped their target price on shares of Cadence Bank from $34.00 to $40.00 and gave the stock a “market perform” rating in a report on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.40.

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.