Cadence Bank (NYSE:CADE) Shares Sold by Procyon Advisors LLC

Procyon Advisors LLC reduced its stake in Cadence Bank (NYSE:CADE) by 20.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,316 shares of the company’s stock after selling 2,373 shares during the period. Procyon Advisors LLC’s holdings in Cadence Bank were worth $321,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its stake in shares of Cadence Bank by 0.9% in the third quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock valued at $138,974,000 after buying an additional 39,679 shares in the last quarter. Cerity Partners LLC boosted its holdings in Cadence Bank by 31.2% in the 3rd quarter. Cerity Partners LLC now owns 64,377 shares of the company’s stock worth $2,050,000 after acquiring an additional 15,312 shares during the period. Stifel Financial Corp grew its position in Cadence Bank by 18.1% in the third quarter. Stifel Financial Corp now owns 21,034 shares of the company’s stock valued at $670,000 after acquiring an additional 3,218 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of 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 valued at $66,360,000 after purchasing an additional 291,885 shares during the period. Finally, Franklin Resources Inc. acquired a new position in shares of Cadence Bank during the third quarter worth $947,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Price Performance

Shares of NYSE:CADE opened at $35.65 on Monday. The company has a market cap of $6.50 billion, a PE ratio of 10.24 and a beta of 1.00. Cadence Bank has a fifty-two week low of $24.99 and a fifty-two week high of $40.20. The firm has a 50-day simple moving average of $36.29 and a 200 day simple moving average of $33.33. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04.

Cadence Bank (NYSE:CADE) last posted 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 company 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 revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.56 earnings per share. On average, sell-side analysts anticipate that Cadence Bank will post 2.71 EPS for the current year.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a $0.25 dividend. The ex-dividend date was Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.81%. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

Wall Street Analysts Forecast Growth

CADE has been the topic of several analyst reports. DA Davidson lifted their price target on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $41.00 to $44.00 in a research note on Thursday, December 19th. Keefe, Bruyette & Woods lifted their price objective on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Truist Financial increased their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cadence Bank presently has an average rating of “Moderate Buy” and an average target price of $37.32.

Cadence Bank 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.