Cadence Bank (NYSE:CADE) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its position in Cadence Bank (NYSE:CADE) by 3.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 499,490 shares of the company’s stock after selling 20,476 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.27% of Cadence Bank worth $15,909,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in Cadence Bank by 6.4% in the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after purchasing an additional 593,878 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Cadence Bank by 4.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,242,486 shares of the company’s stock worth $71,423,000 after acquiring an additional 105,231 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Cadence Bank by 1.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock valued at $59,071,000 after acquiring an additional 36,323 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in Cadence Bank by 16.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after purchasing an additional 291,885 shares during the last quarter. Finally, Segall Bryant & Hamill LLC boosted its holdings in Cadence Bank by 21.7% in the third quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock worth $42,396,000 after purchasing an additional 237,748 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Stock Down 0.3 %

Cadence Bank stock opened at $38.19 on Monday. Cadence Bank has a 52 week low of $24.74 and a 52 week high of $40.20. The stock has a market cap of $6.96 billion, a price-to-earnings ratio of 10.97 and a beta of 0.95. The company’s 50-day moving average price is $34.49 and its two-hundred day moving average price is $31.51. 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 announced its earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.64 by $0.09. The firm had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.56 earnings per share. On average, analysts expect that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The company 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 dividend of $0.25 per share. The ex-dividend date is Friday, December 13th. This represents a $1.00 annualized dividend and a yield of 2.62%. Cadence Bank’s dividend payout ratio is currently 28.74%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. DA Davidson increased their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Barclays raised their target price on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Royal Bank of Canada upped their target price on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $36.00 to $39.00 in a report on Monday, September 30th. Finally, Truist Financial upped their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.