Wealthcare Advisory Partners LLC Cuts Stake in Cadence Bank (NYSE:CADE)

Wealthcare Advisory Partners LLC lessened its holdings in Cadence Bank (NYSE:CADE) by 12.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 19,797 shares of the company’s stock after selling 2,881 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Cadence Bank were worth $586,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Barclays PLC raised its holdings in Cadence Bank by 30.7% in the third quarter. Barclays PLC now owns 528,407 shares of the company’s stock valued at $11,212,000 after acquiring an additional 124,084 shares in the last quarter. Comerica Bank purchased a new stake in shares of Cadence Bank during the 3rd quarter worth $5,177,000. American Century Companies Inc. grew its stake in shares of Cadence Bank by 35.7% during the third quarter. American Century Companies Inc. now owns 1,258,097 shares of the company’s stock worth $26,697,000 after purchasing an additional 331,097 shares in the last quarter. Wellington Management Group LLP increased its holdings in Cadence Bank by 15.7% in the third quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock valued at $166,110,000 after buying an additional 1,063,055 shares during the last quarter. Finally, New York State Common Retirement Fund increased its holdings in Cadence Bank by 49.4% in the fourth quarter. New York State Common Retirement Fund now owns 112,255 shares of the company’s stock valued at $3,322,000 after buying an additional 37,129 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. DA Davidson reaffirmed a “buy” rating on shares of Cadence Bank in a research report on Monday, January 15th. TheStreet lowered shares of Cadence Bank from a “b” rating to a “c” rating in a research note on Tuesday, January 30th. Hovde Group raised shares of Cadence Bank from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $32.50 to $33.00 in a report on Wednesday, April 24th. Keefe, Bruyette & Woods upped their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Finally, Morgan Stanley lifted their price target on shares of Cadence Bank from $24.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $31.09.

Cadence Bank Stock Performance

NYSE CADE opened at $29.21 on Thursday. The business’s 50-day moving average price is $27.96 and its 200 day moving average price is $27.07. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The firm has a market cap of $5.34 billion, a P/E ratio of 9.33 and a beta of 1.01. Cadence Bank has a 52-week low of $17.38 and a 52-week high of $31.45.

Cadence Bank (NYSE:CADE) last released its earnings results on Friday, April 26th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The business had revenue of $437.69 million for the quarter, compared to analyst estimates of $427.18 million. During the same quarter in the previous year, the company posted $0.68 earnings per share. The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, equities research analysts expect that Cadence Bank will post 2.48 earnings per share for the current year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.42%. The ex-dividend date of this dividend is Friday, June 14th. Cadence Bank’s payout ratio is 31.95%.

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.