Cadence Bank (NYSE:CADE) Shares Sold by Bank of New York Mellon Corp

Posted by Defense World Staff on Mar 10th, 2023

Bank of New York Mellon Corp trimmed its holdings in shares of Cadence Bank (NYSE:CADE – Get Rating) by 0.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,390,455 shares of the company’s stock after selling 15,858 shares during the period. Bank of New York Mellon Corp owned 2.20% of Cadence Bank worth $60,740,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in CADE. Cubist Systematic Strategies LLC grew its stake in Cadence Bank by 350.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 512,478 shares of the company’s stock worth $12,033,000 after buying an additional 398,795 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Cadence Bank by 5.9% during the third quarter. Dimensional Fund Advisors LP now owns 6,838,376 shares of the company’s stock worth $173,765,000 after acquiring an additional 382,527 shares during the last quarter. Mesirow Institutional Investment Management Inc. acquired a new position in shares of Cadence Bank in the 3rd quarter valued at $8,950,000. Price T Rowe Associates Inc. MD raised its position in Cadence Bank by 12.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,913,360 shares of the company’s stock valued at $68,406,000 after purchasing an additional 330,303 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in Cadence Bank by 46.0% during the 2nd quarter. Millennium Management LLC now owns 947,419 shares of the company’s stock worth $22,245,000 after purchasing an additional 298,297 shares during the period.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CADE. Janney Montgomery Scott downgraded shares of Cadence Bank from a “buy” rating to a “neutral” rating and increased their target price for the stock from $29.00 to $30.00 in a research note on Thursday, November 17th. They noted that the move was a valuation call. Keefe, Bruyette & Woods lowered their price objective on shares of Cadence Bank from $35.00 to $32.00 and set an “outperform” rating on the stock in a research report on Thursday, February 2nd. Morgan Stanley reduced their target price on shares of Cadence Bank from $32.00 to $29.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 1st. Stephens boosted their price target on shares of Cadence Bank from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 1st. Finally, Raymond James lowered their price objective on Cadence Bank from $32.00 to $30.00 and set a “strong-buy” rating on the stock in a report on Wednesday, February 1st. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $30.13.

Cadence Bank Trading Down 6.1 %

Shares of Cadence Bank stock opened at $24.40 on Friday. The company has a 50-day moving average of $26.08 and a two-hundred day moving average of $26.42. Cadence Bank has a 12-month low of $22.04 and a 12-month high of $31.02. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.11. The stock has a market cap of $2.65 billion, a PE ratio of 9.92 and a beta of 0.99.

Cadence Bank (NYSE:CADE – Get Rating) last released its quarterly earnings data on Tuesday, January 31st. The company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.03. The firm had revenue of $474.23 million during the quarter, compared to the consensus estimate of $485.08 million. Cadence Bank had a return on equity of 13.05% and a net margin of 22.56%. Cadence Bank’s quarterly revenue was up 26.4% on a year-over-year basis. During the same period last year, the business posted $0.63 EPS. On average, research analysts anticipate that Cadence Bank will post 2.88 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Wednesday, March 15th will be paid a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend is Tuesday, March 14th. This is an increase from Cadence Bank’s previous quarterly dividend of $0.22. Cadence Bank’s payout ratio is 35.77%.

About Cadence Bank

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Cadence Bank provides banking and financial solutions to consumers, businesses and corporations. Its services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, and personal and business insurance.

Institutional Ownership by Quarter for Cadence Bank (NYSE:CADE)

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