Jane Street Group LLC Sells 33,201 Shares of Cadence Bank (NYSE:CADE)

Jane Street Group LLC reduced its position in Cadence Bank (NYSE:CADE) by 12.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 238,511 shares of the company’s stock after selling 33,201 shares during the period. Jane Street Group LLC owned 0.13% of Cadence Bank worth $7,597,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CADE. V Square Quantitative Management LLC purchased a new position in shares of Cadence Bank in the third quarter worth about $25,000. Point72 Hong Kong Ltd bought a new stake in Cadence Bank during the 3rd quarter valued at $32,000. GAMMA Investing LLC lifted its position in shares of Cadence Bank by 55.8% during the third quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock worth $50,000 after acquiring an additional 559 shares in the last quarter. Innealta Capital LLC bought a new position in shares of Cadence Bank in the second quarter worth $138,000. Finally, KBC Group NV boosted its holdings in shares of Cadence Bank by 11.5% in the third quarter. KBC Group NV now owns 5,036 shares of the company’s stock worth $160,000 after acquiring an additional 519 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Stock Performance

NYSE:CADE opened at $36.41 on Friday. Cadence Bank has a 1-year low of $24.99 and a 1-year high of $40.20. 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 business has a 50 day moving average of $35.69 and a 200 day moving average of $32.07. The company has a market capitalization of $6.63 billion, a price-to-earnings ratio of 10.46 and a beta of 0.98.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. The company had revenue of $447.36 million during 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 firm’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.56 EPS. On average, sell-side analysts predict that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

Wall Street Analyst Weigh In

CADE has been the topic of a number of recent research reports. DA Davidson increased their price objective on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Barclays raised their price objective on shares of Cadence Bank from $37.00 to $41.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Royal Bank of Canada upped their target price on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Truist Financial raised their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Morgan Stanley raised shares of 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. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.63.

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.