Thrivent Financial for Lutherans Sells 116,352 Shares of Cadence Bank (NYSE:CADE)

Thrivent Financial for Lutherans lessened its holdings in Cadence Bank (NYSE:CADE) by 33.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 227,802 shares of the company’s stock after selling 116,352 shares during the period. Thrivent Financial for Lutherans owned approximately 0.13% of Cadence Bank worth $7,848,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. FMR LLC raised its position in shares of Cadence Bank by 1.2% during the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company’s stock valued at $523,074,000 after buying an additional 195,773 shares in the last quarter. State Street Corp increased its stake in Cadence Bank by 1.9% during the third quarter. State Street Corp now owns 8,872,085 shares of the company’s stock worth $284,759,000 after acquiring an additional 165,282 shares during the last quarter. Geode Capital Management LLC raised its position in Cadence Bank by 0.9% during the third 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 period. Charles Schwab Investment Management Inc. lifted its stake in shares of Cadence Bank by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company’s stock valued at $77,678,000 after purchasing an additional 12,309 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Cadence Bank by 7.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 2,234,733 shares of the company’s stock worth $76,986,000 after purchasing an additional 151,215 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Performance

Cadence Bank stock opened at $30.30 on Monday. The company has a market capitalization of $5.52 billion, a PE ratio of 10.94 and a beta of 0.96. The company has a 50 day moving average price of $33.34 and a 200-day moving average price of $34.03. Cadence Bank has a fifty-two week low of $26.16 and a fifty-two week high of $40.20.

Cadence Bank (NYSE:CADE) last issued its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same quarter last year, the firm posted $0.40 earnings per share. On average, analysts forecast that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $0.275 dividend. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend is Friday, March 14th. Cadence Bank’s payout ratio is presently 39.71%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CADE shares. Royal Bank of Canada restated a “sector perform” rating and set a $38.00 price target on shares of Cadence Bank in a report on Friday, January 24th. Morgan Stanley reduced their target price on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Keefe, Bruyette & Woods lifted their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $41.00 to $44.00 in a report on Thursday, December 19th. Finally, Stephens reissued an “overweight” rating and issued a $42.00 price objective on shares of Cadence Bank in a research note on Thursday, January 23rd. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Cadence Bank currently has an average rating of “Moderate Buy” and an average target price of $38.77.

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.