King Luther Capital Management Corp Reduces Stake in Cadence Bank (NYSE:CADE)

King Luther Capital Management Corp cut its stake in shares of Cadence Bank (NYSE:CADE) by 14.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 119,607 shares of the company’s stock after selling 20,299 shares during the period. King Luther Capital Management Corp owned 0.07% of Cadence Bank worth $3,539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Trexquant Investment LP bought a new position in Cadence Bank during the 4th quarter valued at about $1,019,000. Corient Private Wealth LLC grew its stake in shares of Cadence Bank by 18.2% during the fourth quarter. Corient Private Wealth LLC now owns 23,394 shares of the company’s stock valued at $692,000 after buying an additional 3,598 shares during the last quarter. Balentine LLC purchased a new position in Cadence Bank during the 4th quarter valued at $355,000. UBS Group AG grew its position in Cadence Bank by 239.6% in the 4th quarter. UBS Group AG now owns 250,433 shares of the company’s stock valued at $7,410,000 after acquiring an additional 176,681 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Cadence Bank by 19.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 14,488 shares of the company’s stock worth $429,000 after purchasing an additional 2,376 shares during the last quarter. 84.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

CADE has been the subject of several research reports. TheStreet downgraded shares of Cadence Bank from a “b” rating to a “c” rating in a research note on Tuesday, January 30th. Morgan Stanley raised their price target on Cadence Bank from $24.00 to $27.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Jefferies Financial Group lowered their price objective on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a research note on Monday, April 8th. Stephens reiterated an “overweight” rating and issued a $33.00 target price on shares of Cadence Bank in a research note on Tuesday, April 23rd. Finally, Raymond James lowered their price target on shares of Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 31st. Five 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $31.09.

Cadence Bank Stock Performance

NYSE:CADE traded down $0.34 during mid-day trading on Thursday, hitting $28.35. The company’s stock had a trading volume of 52,202 shares, compared to its average volume of 1,300,208. The business’s fifty day moving average is $28.23 and its two-hundred day moving average is $27.63. The stock has a market cap of $5.17 billion, a price-to-earnings ratio of 9.17 and a beta of 1.01. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85. Cadence Bank has a 1 year low of $17.76 and a 1 year high of $31.45.

Cadence Bank (NYSE:CADE) last posted its earnings results on Friday, April 26th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.54 by $0.08. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The firm had revenue of $437.69 million for the quarter, compared to analyst estimates of $427.18 million. During the same period last year, the company earned $0.68 earnings per share. Cadence Bank’s revenue for the quarter was up 12.6% compared to the same quarter last year. Analysts anticipate that Cadence Bank will post 2.48 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend is Friday, June 14th. Cadence Bank’s dividend payout ratio is currently 31.95%.

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.