Amalgamated Bank Decreases Stake in Cadence Bank (NYSE:CADE)

Amalgamated Bank lessened its stake in Cadence Bank (NYSE:CADE) by 5.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 83,626 shares of the company’s stock after selling 5,109 shares during the quarter. Amalgamated Bank’s holdings in Cadence Bank were worth $2,663,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new stake in shares of Cadence Bank during the 3rd quarter valued at approximately $25,000. GAMMA Investing LLC raised its holdings in Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after purchasing an additional 436 shares during the last quarter. Innealta Capital LLC purchased a new stake in Cadence Bank during the second quarter worth $138,000. Americana Partners LLC acquired a new stake in Cadence Bank in the third quarter valued at $201,000. Finally, Davis Investment Partners LLC purchased a new position in shares of Cadence Bank in the third quarter valued at $202,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Stock Performance

Cadence Bank stock opened at $37.90 on Monday. The firm has a market capitalization of $6.91 billion, a P/E ratio of 10.89 and a beta of 0.95. The stock has a fifty day moving average price of $32.45 and a 200 day moving average price of $30.54. Cadence Bank has a 52 week low of $21.47 and a 52 week high of $38.77. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04.

Cadence Bank (NYSE:CADE) last released its earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.64 by $0.09. The firm had revenue of $447.36 million during the quarter, compared to analyst estimates of $450.97 million. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.56 earnings per share. Equities research analysts anticipate that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 annualized dividend and a yield of 2.64%. Cadence Bank’s payout ratio is currently 28.74%.

Analyst Ratings Changes

CADE has been the topic of several recent research reports. Hovde Group boosted their price objective on shares of Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Barclays increased their price target on shares of Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada lifted their price objective on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd. Piper Sandler cut Cadence Bank from an “overweight” rating to a “neutral” rating and increased their target price for the company from $33.00 to $34.00 in a report on Wednesday, July 24th. Finally, DA Davidson raised their price target on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.29.

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.