Principal Financial Group Inc. Sells 344,944 Shares of Cadence Bank (NYSE:CADE)

Principal Financial Group Inc. decreased its stake in shares of Cadence Bank (NYSE:CADE) by 44.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 423,356 shares of the company’s stock after selling 344,944 shares during the period. Principal Financial Group Inc.’s holdings in Cadence Bank were worth $13,484,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in shares of Cadence Bank during the third quarter worth approximately $25,000. Point72 Hong Kong Ltd bought a new position in Cadence Bank in the third quarter worth approximately $32,000. GAMMA Investing LLC increased its holdings in Cadence Bank by 55.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock worth $50,000 after purchasing an additional 559 shares during the period. TD Private Client Wealth LLC raised its position in Cadence Bank by 23.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 4,954 shares of the company’s stock valued at $158,000 after purchasing an additional 926 shares in the last quarter. Finally, KBC Group NV lifted its holdings in shares of Cadence Bank by 11.5% in the 3rd quarter. KBC Group NV now owns 5,036 shares of the company’s stock worth $160,000 after buying an additional 519 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Price Performance

Shares of CADE stock opened at $34.49 on Friday. Cadence Bank has a fifty-two week low of $24.99 and a fifty-two week high of $40.20. 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 firm has a market capitalization of $6.28 billion, a price-to-earnings ratio of 9.91 and a beta of 0.98. The stock’s 50-day simple moving average is $36.21 and its 200-day simple moving average is $32.57.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. The business had revenue of $447.36 million for the quarter, compared to analyst estimates of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. Cadence Bank’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.56 EPS. As a group, equities analysts forecast that Cadence Bank will post 2.71 earnings per share 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 $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.90%. Cadence Bank’s dividend payout ratio (DPR) is 28.74%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CADE. Truist Financial lifted their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Royal Bank of Canada lifted their price objective on shares of Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their target price on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $41.00 to $44.00 in a report on Thursday, December 19th. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.88.

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.