Mercer Global Advisors Inc. ADV Sells 53,291 Shares of Cadence Bank (NYSE:CADE)

Mercer Global Advisors Inc. ADV trimmed its holdings in Cadence Bank (NYSE:CADE) by 79.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,425 shares of the company’s stock after selling 53,291 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Cadence Bank were worth $462,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Brooklyn Investment Group bought a new stake in Cadence Bank in the fourth quarter worth $26,000. Mather Group LLC. raised its holdings in Cadence Bank by 716.2% during the fourth quarter. Mather Group LLC. now owns 808 shares of the company’s stock valued at $28,000 after buying an additional 709 shares in the last quarter. Keystone Financial Group Inc. acquired a new stake in shares of Cadence Bank in the fourth quarter worth about $31,000. Smartleaf Asset Management LLC boosted its stake in shares of Cadence Bank by 163.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock worth $40,000 after acquiring an additional 722 shares in the last quarter. Finally, Parkside Financial Bank & Trust boosted its stake in shares of Cadence Bank by 504.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company’s stock worth $59,000 after acquiring an additional 1,434 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Trading Down 0.7%

Shares of NYSE:CADE opened at $32.19 on Wednesday. The firm has a market capitalization of $5.87 billion, a PE ratio of 11.62 and a beta of 0.84. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20. The business’s 50 day moving average is $29.32 and its 200-day moving average is $33.27.

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

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a yield of 3.42%. Cadence Bank’s payout ratio is currently 38.60%.

Cadence Bank declared that its Board of Directors has approved a share repurchase program on Friday, April 25th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. DA Davidson reduced their target price on Cadence Bank from $42.00 to $37.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. 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 report on Tuesday, April 8th. Keefe, Bruyette & Woods boosted their target price on shares of Cadence Bank from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Friday, May 9th. Stephens reaffirmed an “overweight” rating and issued a $40.00 price target on shares of Cadence Bank in a research report on Tuesday, April 22nd. Finally, Citigroup boosted their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Cadence Bank presently has an average rating of “Moderate Buy” and a consensus price target of $36.82.

About Cadence Bank

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.