Hsbc Holdings PLC Cuts Holdings in Cadence Bank (NYSE:CADE)

Hsbc Holdings PLC lessened its stake in Cadence Bank (NYSE:CADE) by 3.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 358,695 shares of the company’s stock after selling 12,436 shares during the quarter. Hsbc Holdings PLC’s holdings in Cadence Bank were worth $12,389,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brooklyn Investment Group acquired a new stake in Cadence Bank in the fourth quarter valued at approximately $26,000. Mather Group LLC. raised its holdings in shares of Cadence Bank by 716.2% in the 4th quarter. Mather Group LLC. now owns 808 shares of the company’s stock valued at $28,000 after purchasing an additional 709 shares in the last quarter. Keystone Financial Group Inc. purchased a new stake in shares of Cadence Bank during the 4th quarter worth $31,000. Smartleaf Asset Management LLC grew its stake in shares of Cadence Bank by 163.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock worth $40,000 after purchasing an additional 722 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in shares of Cadence Bank by 504.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company’s stock worth $59,000 after purchasing an additional 1,434 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CADE has been the subject of a number of recent analyst reports. Royal Bank of Canada decreased their price target on Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd. Barclays decreased their target price on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. DA Davidson dropped their price target on shares of Cadence Bank from $42.00 to $37.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Piper Sandler cut their price objective on shares of Cadence Bank from $38.00 to $36.00 and set a “neutral” rating on the stock in a report on Wednesday, April 23rd. Finally, Morgan Stanley lowered their target price on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $37.36.

Cadence Bank Price Performance

Shares of NYSE:CADE opened at $28.86 on Monday. The stock has a market cap of $5.26 billion, a P/E ratio of 10.42 and a beta of 0.87. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20. The firm has a fifty day moving average price of $29.81 and a 200 day moving average price of $33.51.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.07. The firm had revenue of $448.55 million for the quarter, compared to analyst estimates of $451.61 million. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same quarter last year, the company posted $0.62 earnings per share. Sell-side analysts expect that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank’s dividend payout ratio (DPR) is presently 38.60%.

Cadence Bank declared that its Board of Directors has initiated a stock repurchase plan on Friday, April 25th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

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.