Cadence Bank (NYSE:CADE) Shares Down 4.4% – Here’s What Happened

Cadence Bank (NYSE:CADE) traded down 4.4% on Thursday . The company traded as low as $34.19 and last traded at $34.32. 722,813 shares were traded during mid-day trading, a decline of 41% from the average session volume of 1,219,983 shares. The stock had previously closed at $35.91.

Analyst Ratings Changes

Several brokerages have commented on CADE. DA Davidson boosted their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $36.00 to $39.00 in a report on Monday, September 30th. Royal Bank of Canada increased their target price on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Truist Financial raised their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Stephens restated an “overweight” rating and set a $42.00 price objective on shares of Cadence Bank in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Bank currently has a consensus rating of “Moderate Buy” and an average target price of $37.95.

Cadence Bank Trading Down 4.8 %

The stock has a 50-day moving average price of $36.11 and a two-hundred day moving average price of $33.46. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market cap of $6.23 billion, a PE ratio of 9.82 and a beta of 1.00.

Cadence Bank (NYSE:CADE) last posted its 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 net margin of 25.99% and a return on equity of 8.95%. During the same quarter in the prior year, the firm earned $0.40 earnings per share. Sell-side analysts forecast that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio is currently 28.74%.

Hedge Funds Weigh In On Cadence Bank

Several large investors have recently made changes to their positions in CADE. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Cadence Bank by 27.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 16,483 shares of the company’s stock valued at $437,000 after purchasing an additional 3,545 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of Cadence Bank in the 2nd quarter valued at $492,000. Sei Investments Co. grew its position in shares of Cadence Bank by 49.7% in the 2nd quarter. Sei Investments Co. now owns 75,128 shares of the company’s stock valued at $2,125,000 after buying an additional 24,950 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of Cadence Bank in the 2nd quarter valued at $670,000. Finally, AQR Capital Management LLC grew its position in shares of Cadence Bank by 74.2% in the 2nd quarter. AQR Capital Management LLC now owns 30,254 shares of the company’s stock valued at $856,000 after buying an additional 12,887 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.