Swiss National Bank Lowers Stock Position in Cadence Bank (NYSE:CADE)

Swiss National Bank reduced its stake in Cadence Bank (NYSE:CADE) by 1.5% during the first quarter, HoldingsChannel reports. The firm owned 354,053 shares of the company’s stock after selling 5,400 shares during the period. Swiss National Bank’s holdings in Cadence Bank were worth $10,749,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Northern Trust Corp raised its stake in Cadence Bank by 15.0% in 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 in the last quarter. First Trust Advisors LP raised its stake in Cadence Bank by 21.2% in 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 in the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in Cadence Bank by 8.1% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 2,416,198 shares of the company’s stock valued at $73,356,000 after purchasing an additional 181,465 shares in the last quarter. Segall Bryant & Hamill LLC raised its stake in Cadence Bank by 2.1% in the first quarter. Segall Bryant & Hamill LLC now owns 1,370,231 shares of the company’s stock valued at $41,600,000 after purchasing an additional 28,363 shares in the last quarter. Finally, Millennium Management LLC raised its stake 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 purchasing an additional 941,613 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CADE has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods raised their target price on shares of Cadence Bank from $40.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, July 28th. DA Davidson increased their price target on shares of Cadence Bank from $37.00 to $42.00 and gave the company a “buy” rating in a research report on Monday, July 28th. Piper Sandler increased their price target on shares of Cadence Bank from $42.00 to $43.00 and gave the company an “overweight” rating in a research report on Monday, July 28th. Hovde Group increased their price target on shares of Cadence Bank from $34.00 to $40.00 and gave the company a “market perform” rating in a research report on Monday, July 28th. Finally, Wall Street Zen cut shares of Cadence Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $40.40.

Cadence Bank Stock Down 2.4%

Shares of Cadence Bank stock opened at $35.38 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20. The stock has a market capitalization of $6.45 billion, a price-to-earnings ratio of 12.59 and a beta of 0.89. The company’s 50 day moving average price is $33.68 and its 200-day moving average price is $31.86.

Cadence Bank (NYSE:CADE) last issued its earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.04. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. The firm had revenue of $476.32 million for the quarter, compared to analysts’ expectations of $467.60 million. During the same quarter last year, the business earned $0.73 earnings per share. Equities research analysts forecast that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a $0.275 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.10 annualized dividend and a dividend yield of 3.1%. Cadence Bank’s dividend payout ratio (DPR) is currently 39.15%.

Cadence Bank announced that its board has authorized a stock repurchase plan on Friday, April 25th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership 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.