Patton Albertson Miller Group LLC Decreases Position in Cadence Bank (NYSE:CADE)

Patton Albertson Miller Group LLC decreased its holdings in Cadence Bank (NYSE:CADE) by 12.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,679 shares of the company’s stock after selling 1,101 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Cadence Bank were worth $265,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CADE. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Cadence Bank by 27.4% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 16,483 shares of the company’s stock worth $437,000 after buying an additional 3,545 shares during the period. Sei Investments Co. boosted its stake in shares of Cadence Bank by 49.7% in the second quarter. Sei Investments Co. now owns 75,128 shares of the company’s stock worth $2,125,000 after buying an additional 24,950 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Cadence Bank in the second quarter valued at approximately $670,000. AQR Capital Management LLC increased its holdings in shares of Cadence Bank by 74.2% during the 2nd quarter. AQR Capital Management LLC now owns 30,254 shares of the company’s stock valued at $856,000 after purchasing an additional 12,887 shares in the last quarter. Finally, Algert Global LLC acquired a new position in shares of Cadence Bank in the 2nd quarter valued at $520,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Stock Up 2.6 %

NYSE CADE opened at $35.13 on Friday. The business has a fifty day moving average price of $35.98 and a 200 day moving average price of $33.56. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $6.40 billion, a P/E ratio of 12.68 and a beta of 1.00. Cadence Bank has a one year low of $24.99 and a one year high of $40.20.

Cadence Bank (NYSE:CADE) last issued its earnings results on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.98%. During the same period in the previous year, the business earned $0.40 earnings per share. Research analysts anticipate that Cadence Bank will post 2.87 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.275 per share. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a dividend yield of 3.13%. The ex-dividend date is Friday, March 14th. Cadence Bank’s payout ratio is currently 39.71%.

Analyst Upgrades and Downgrades

Several analysts recently commented on CADE shares. Stephens restated an “overweight” rating and set a $42.00 price target on shares of Cadence Bank in a research report on Thursday. Royal Bank of Canada restated a “sector perform” rating and set a $38.00 target price on shares of Cadence Bank in a research report on Friday. Truist Financial upped their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods raised their price objective on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Barclays raised Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $41.00 to $44.00 in a research note on Thursday, December 19th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $38.14.

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.