King Luther Capital Management Corp Sells 920 Shares of Cadence Bank (NYSE:CADE)

King Luther Capital Management Corp trimmed its position in shares of Cadence Bank (NYSE:CADE) by 0.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 125,424 shares of the company’s stock after selling 920 shares during the quarter. King Luther Capital Management Corp’s holdings in Cadence Bank were worth $3,995,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. GAMMA Investing LLC lifted its stake in Cadence Bank by 77.0% in the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after purchasing an additional 436 shares during the last quarter. KBC Group NV lifted its stake in shares of Cadence Bank by 11.5% in the 3rd quarter. KBC Group NV now owns 5,036 shares of the company’s stock valued at $160,000 after acquiring an additional 519 shares during the last quarter. AlphaMark Advisors LLC boosted its holdings in Cadence Bank by 5.6% during the 2nd quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock valued at $307,000 after acquiring an additional 579 shares during the period. V Square Quantitative Management LLC bought a new position in Cadence Bank during the 3rd quarter worth approximately $25,000. Finally, Arizona State Retirement System grew its position in Cadence Bank by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 51,159 shares of the company’s stock worth $1,447,000 after acquiring an additional 938 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CADE. Royal Bank of Canada increased their price objective 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. DA Davidson increased their price target on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $36.00 to $39.00 in a research report on Monday, September 30th. Barclays increased their target price on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Finally, Truist Financial boosted their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $35.29.

Cadence Bank Stock Up 2.4 %

Shares of NYSE:CADE opened at $38.88 on Friday. The firm has a market capitalization of $7.08 billion, a P/E ratio of 11.17 and a beta of 0.95. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a 50 day moving average price of $33.84 and a 200-day moving average price of $31.17. Cadence Bank has a 52-week low of $24.15 and a 52-week high of $39.79.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The business had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. During the same quarter in the prior year, the company earned $0.56 earnings per share. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.57%. Cadence Bank’s dividend payout ratio (DPR) is currently 28.74%.

About Cadence Bank

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.