Patton Albertson Miller Group LLC Sells 1,101 Shares of Cadence Bank (NYSE:CADE)

Patton Albertson Miller Group LLC lowered its stake in shares of Cadence Bank (NYSE:CADE) by 12.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 7,679 shares of the company’s stock after selling 1,101 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Cadence Bank were worth $265,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of CADE. FMR LLC increased its position in Cadence Bank by 1.2% during the third quarter. FMR LLC now owns 16,423,050 shares of the company’s stock valued at $523,074,000 after acquiring an additional 195,773 shares during the last quarter. State Street Corp boosted its stake in shares of Cadence Bank by 1.9% during the 3rd quarter. State Street Corp now owns 8,872,085 shares of the company’s stock worth $284,759,000 after purchasing an additional 165,282 shares during the period. Geode Capital Management LLC grew its holdings in Cadence Bank by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock valued at $138,974,000 after purchasing an additional 39,679 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in 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 purchasing an additional 105,231 shares during the period. Finally, Vaughan Nelson Investment Management L.P. lifted its stake in Cadence Bank by 16.3% in 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. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. DA Davidson increased their price target on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $41.00 to $44.00 in a research note on Thursday, December 19th. Royal Bank of Canada reissued a “sector perform” rating and set a $38.00 target price on shares of Cadence Bank in a research note on Friday. Morgan Stanley raised shares of 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 research note on Monday, September 30th. Finally, Truist Financial boosted their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Bank presently has an average rating of “Moderate Buy” and a consensus price target of $38.14.

Cadence Bank Stock Performance

Shares of CADE stock opened at $35.13 on Friday. The firm has a market cap of $6.40 billion, a price-to-earnings ratio of 12.68 and a beta of 1.00. Cadence Bank has a 52-week low of $24.99 and a 52-week high of $40.20. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The company’s 50 day moving average is $35.98 and its 200 day moving average is $33.56.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a return on equity of 9.98% and a net margin of 18.03%. During the same period in the prior year, the firm posted $0.40 EPS. On average, sell-side analysts anticipate that Cadence Bank will post 2.87 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a yield of 3.13%. Cadence Bank’s payout ratio is currently 39.71%.

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.