Cadence Bank (NYSE:CADE) Shares Sold by Ronald Blue Trust Inc.

Posted by Defense World Staff on Oct 1st, 2023

Ronald Blue Trust Inc. trimmed its position in Cadence Bank (NYSE:CADE – Free Report) by 55.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,378 shares of the company’s stock after selling 1,719 shares during the period. Ronald Blue Trust Inc.’s holdings in Cadence Bank were worth $28,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CADE. State of Wyoming acquired a new stake in Cadence Bank in the 4th quarter worth about $25,000. Covestor Ltd boosted its holdings in shares of Cadence Bank by 189.8% during the 1st quarter. Covestor Ltd now owns 2,455 shares of the company’s stock worth $72,000 after purchasing an additional 1,608 shares during the last quarter. Clear Street Markets LLC acquired a new position in shares of Cadence Bank during the 4th quarter worth approximately $89,000. Neo Ivy Capital Management acquired a new position in shares of Cadence Bank during the 4th quarter worth approximately $105,000. Finally, Bartlett & Co. LLC acquired a new position in shares of Cadence Bank during the 1st quarter worth approximately $105,000. 80.22% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CADE has been the topic of several recent research reports. Stephens boosted their target price on Cadence Bank from $24.00 to $27.00 in a report on Wednesday, July 26th. TheStreet upgraded Cadence Bank from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Morgan Stanley decreased their price objective on Cadence Bank from $23.00 to $22.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, Truist Financial decreased their price objective on Cadence Bank from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $25.50.

Read Our Latest Report on Cadence Bank

Cadence Bank Stock Up 0.8 %

Shares of NYSE CADE opened at $21.22 on Friday. The firm has a market cap of $3.88 billion, a price-to-earnings ratio of 9.69 and a beta of 1.02. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.10. Cadence Bank has a 52-week low of $16.95 and a 52-week high of $29.41. The business’s 50 day moving average is $23.05 and its two-hundred day moving average is $21.13.

Cadence Bank (NYSE:CADE – Get Free Report) last announced its earnings results on Tuesday, July 25th. The company reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.04). The firm had revenue of $465.84 million during the quarter, compared to analysts’ expectations of $476.12 million. Cadence Bank had a net margin of 16.99% and a return on equity of 12.79%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.73 EPS. Research analysts predict that Cadence Bank will post 2.46 EPS for the current year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be given a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date is Thursday, September 14th. Cadence Bank’s payout ratio is 42.92%.

Cadence Bank Profile

(Free Report)

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.