Thrivent Financial for Lutherans Cuts Stock Position in Cadence Bank $CADE

Thrivent Financial for Lutherans decreased its holdings in Cadence Bank (NYSE:CADE) by 12.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 125,464 shares of the company’s stock after selling 17,037 shares during the quarter. Thrivent Financial for Lutherans owned 0.07% of Cadence Bank worth $4,710,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. NorthCrest Asset Manangement LLC increased its stake in shares of Cadence Bank by 1.0% during the third quarter. NorthCrest Asset Manangement LLC now owns 28,279 shares of the company’s stock worth $1,105,000 after buying an additional 282 shares during the period. Osaic Holdings Inc. lifted its stake in Cadence Bank by 24.4% in the second quarter. Osaic Holdings Inc. now owns 1,442 shares of the company’s stock worth $46,000 after acquiring an additional 283 shares during the last quarter. KLP Kapitalforvaltning AS grew its holdings in Cadence Bank by 0.8% during the 3rd quarter. KLP Kapitalforvaltning AS now owns 38,128 shares of the company’s stock worth $1,440,000 after acquiring an additional 300 shares in the last quarter. Sheets Smith Wealth Management increased its position in shares of Cadence Bank by 2.1% in the 3rd quarter. Sheets Smith Wealth Management now owns 18,418 shares of the company’s stock valued at $691,000 after purchasing an additional 378 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its position in shares of Cadence Bank by 47.2% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 1,870 shares of the company’s stock valued at $60,000 after purchasing an additional 600 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on CADE. Keefe, Bruyette & Woods downgraded Cadence Bank from a “moderate buy” rating to a “hold” rating and increased their price objective for the company from $41.00 to $49.00 in a report on Monday, November 3rd. Morgan Stanley downgraded Cadence Bank from an “overweight” rating to a “sell” rating in a report on Tuesday, October 28th. Piper Sandler set a $40.00 price target on shares of Cadence Bank and gave the company a “neutral” rating in a research note on Monday, October 27th. Barclays downgraded shares of Cadence Bank from an “overweight” rating to a “hold” rating in a research report on Tuesday, October 28th. Finally, Royal Bank Of Canada upgraded shares of Cadence Bank from a “hold” rating to a “moderate buy” rating in a report on Monday, October 27th. Two research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $42.88.

Cadence Bank Trading Down 1.6%

Shares of CADE stock opened at $42.14 on Friday. The business’s 50 day moving average is $43.28 and its two-hundred day moving average is $39.27. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $46.74. The company has a market capitalization of $7.68 billion, a P/E ratio of 14.94 and a beta of 0.95. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.15.

Cadence Bank (NYSE:CADE) last released its earnings results on Thursday, January 22nd. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.79 by $0.06. The company had revenue of $528.41 million during the quarter, compared to analysts’ expectations of $525.15 million. Cadence Bank had a net margin of 18.12% and a return on equity of 10.16%. During the same quarter last year, the business earned $0.70 EPS. Equities analysts forecast that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Friday, January 30th will be paid a $0.3438 dividend. This represents a $1.38 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Friday, January 30th. This is an increase from Cadence Bank’s previous quarterly dividend of $0.28. Cadence Bank’s dividend payout ratio (DPR) is 39.01%.

Cadence Bank Company Profile

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.