Loomis Sayles & Co. L P Sells 18,451 Shares of Cadence Bank (NYSE:CADE)

Loomis Sayles & Co. L P trimmed its position in shares of Cadence Bank (NYSE:CADE) by 4.2% during the third quarter, Holdings Channel.com reports. The fund owned 420,685 shares of the company’s stock after selling 18,451 shares during the quarter. Loomis Sayles & Co. L P’s holdings in Cadence Bank were worth $13,399,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Lazard Asset Management LLC grew its holdings in shares of Cadence Bank by 125.0% in the first quarter. Lazard Asset Management LLC now owns 8,181 shares of the company’s stock valued at $236,000 after acquiring an additional 4,545 shares in the last quarter. Tidal Investments LLC bought a new position in Cadence Bank in the 1st quarter valued at $209,000. GAMMA Investing LLC increased its position in shares of Cadence Bank by 77.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after purchasing an additional 436 shares during the last quarter. Chickasaw Capital Management LLC bought a new stake in shares of Cadence Bank during the 2nd quarter worth $369,000. Finally, Diversified Trust Co raised its stake in shares of Cadence Bank by 6.9% during the 2nd quarter. Diversified Trust Co now owns 41,792 shares of the company’s stock worth $1,182,000 after purchasing an additional 2,692 shares during the period. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Price Performance

CADE stock opened at $38.63 on Wednesday. The firm has a 50 day moving average of $33.99 and a 200-day moving average of $31.26. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $7.04 billion, a P/E ratio of 11.10 and a beta of 0.95. Cadence Bank has a 12 month low of $24.15 and a 12 month high of $40.20.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.09. The firm had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.56 earnings per share. As a group, sell-side analysts predict that Cadence Bank will post 2.71 earnings per share 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. Stockholders 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 dividend yield of 2.59%. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

Analyst Ratings Changes

CADE has been the subject of a number of research analyst reports. Truist Financial raised their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. DA Davidson upped their price objective on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Barclays upped their price target on Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada lifted their price objective on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Bank presently has an average rating of “Moderate Buy” and an average target price of $35.29.

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.