Concurrent Investment Advisors LLC Sells 7,692 Shares of Cadence Bank (NYSE:CADE)

Concurrent Investment Advisors LLC lowered its stake in Cadence Bank (NYSE:CADE) by 19.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 31,524 shares of the company’s stock after selling 7,692 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Cadence Bank were worth $1,086,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in CADE. Allspring Global Investments Holdings LLC bought a new stake in Cadence Bank in the third quarter valued at $5,511,000. Moody Lynn & Lieberson LLC bought a new stake in Cadence Bank in the third quarter valued at $220,000. State of Alaska Department of Revenue lifted its position in Cadence Bank by 7.3% during the third quarter. State of Alaska Department of Revenue now owns 21,160 shares of the company’s stock valued at $673,000 after buying an additional 1,435 shares during the period. Leuthold Group LLC purchased a new position in Cadence Bank during the third quarter valued at $2,743,000. Finally, Arbor Investment Advisors LLC lifted its position in Cadence Bank by 7.4% during the third quarter. Arbor Investment Advisors LLC now owns 77,246 shares of the company’s stock valued at $2,460,000 after buying an additional 5,329 shares during the period. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Price Performance

CADE opened at $33.05 on Friday. The stock has a 50-day moving average price of $34.83 and a 200-day moving average price of $34.02. The firm has a market cap of $6.02 billion, a PE ratio of 11.93 and a beta of 0.99. Cadence Bank has a 1 year low of $26.16 and a 1 year high of $40.20.

Cadence Bank (NYSE:CADE) last issued its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period last year, the business posted $0.40 earnings per share. As a group, sell-side analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a $0.275 dividend. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a yield of 3.33%. Cadence Bank’s payout ratio is 36.10%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Barclays raised Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $41.00 to $44.00 in a research report on Thursday, December 19th. Citigroup raised their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Royal Bank of Canada reissued a “sector perform” rating and set a $38.00 price objective on shares of Cadence Bank in a research report on Friday, January 24th. Stephens reissued an “overweight” rating and set a $42.00 price objective on shares of Cadence Bank in a research report on Thursday, January 23rd. Finally, 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 research report on Wednesday, December 4th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Cadence Bank currently has an average rating of “Moderate Buy” and an average target price of $38.50.

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.