Wedge Capital Management L L P NC Has $6.95 Million Holdings in Cadence Bank (NYSE:CADE)

Wedge Capital Management L L P NC lessened its holdings in shares of Cadence Bank (NYSE:CADE) by 30.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 245,586 shares of the company’s stock after selling 109,400 shares during the period. Wedge Capital Management L L P NC’s holdings in Cadence Bank were worth $6,945,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in shares of Cadence Bank by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock worth $273,421,000 after purchasing an additional 376,989 shares in the last quarter. Halter Ferguson Financial Inc. acquired a new position in shares of Cadence Bank during the 4th quarter worth approximately $3,023,000. Vanguard Group Inc. grew its position in shares of Cadence Bank by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after purchasing an additional 940,895 shares in the last quarter. New York State Common Retirement Fund grew its position in shares of Cadence Bank by 49.4% during the 4th quarter. New York State Common Retirement Fund now owns 112,255 shares of the company’s stock worth $3,322,000 after purchasing an additional 37,129 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System grew its position in shares of Cadence Bank by 32.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 68,892 shares of the company’s stock worth $1,998,000 after purchasing an additional 16,850 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on CADE. Hovde Group increased their price target 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. Keefe, Bruyette & Woods increased their price target on shares of Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Royal Bank of Canada increased their price target on shares of Cadence Bank from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 24th. Barclays increased their price target on shares of Cadence Bank from $30.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. Finally, Truist Financial increased their price target on shares of Cadence Bank from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $34.54.

Cadence Bank Stock Up 1.7 %

Shares of NYSE CADE traded up $0.52 during mid-day trading on Friday, reaching $30.93. 81,444 shares of the company’s stock traded hands, compared to its average volume of 1,350,527. The stock has a market cap of $5.64 billion, a P/E ratio of 9.72 and a beta of 0.98. The business has a 50-day simple moving average of $29.51 and a 200 day simple moving average of $28.44. Cadence Bank has a 1-year low of $19.67 and a 1-year high of $34.13. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. The firm had revenue of $742.87 million during the quarter, compared to analysts’ expectations of $439.63 million. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. During the same period last year, the company earned $0.64 earnings per share. On average, analysts expect that Cadence Bank will post 2.54 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date is Friday, September 13th. Cadence Bank’s dividend payout ratio is currently 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.