Cadence Bank (NYSE:CADE) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lowered its holdings in Cadence Bank (NYSE:CADE) by 5.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 296,338 shares of the company’s stock after selling 15,448 shares during the quarter. Corebridge Financial Inc. owned 0.16% of Cadence Bank worth $10,209,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Boston Partners purchased a new stake in Cadence Bank in the fourth quarter valued at $24,834,000. Raymond James Financial Inc. purchased a new stake in shares of Cadence Bank in the fourth quarter worth about $13,225,000. Point72 Asset Management L.P. acquired a new stake in Cadence Bank during the third quarter worth about $11,727,000. Fisher Asset Management LLC raised its position in Cadence Bank by 19.0% during the fourth quarter. Fisher Asset Management LLC now owns 1,655,847 shares of the company’s stock valued at $57,044,000 after acquiring an additional 264,691 shares in the last quarter. Finally, FMR LLC raised 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 in the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analyst Upgrades and Downgrades

CADE has been the topic of several recent research reports. Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $41.00 to $44.00 in a research report on Thursday, December 19th. Royal Bank of Canada restated a “sector perform” rating and set a $38.00 price target on shares of Cadence Bank in a research report on Friday, January 24th. Stephens reiterated an “overweight” rating and issued a $42.00 price objective on shares of Cadence Bank in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods raised their target price on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Citigroup upped their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Bank presently has a consensus rating of “Moderate Buy” and an average price target of $38.77.

Cadence Bank Trading Down 0.2 %

CADE stock opened at $31.09 on Thursday. Cadence Bank has a 12-month low of $26.16 and a 12-month high of $40.20. The business’s 50-day moving average is $33.12 and its 200 day moving average is $34.02. The stock has a market cap of $5.67 billion, a price-to-earnings ratio of 11.22 and a beta of 0.96.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, topping 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 period last year, the firm earned $0.40 EPS. As a group, equities analysts forecast that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.275 per share. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.54%. Cadence Bank’s dividend payout ratio is presently 39.71%.

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.