Wedge Capital Management L L P NC Sells 7,568 Shares of Cadence Bank (NYSE:CADE)

Wedge Capital Management L L P NC trimmed its position in Cadence Bank (NYSE:CADE) by 2.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 369,496 shares of the company’s stock after selling 7,568 shares during the period. Wedge Capital Management L L P NC owned about 0.20% of Cadence Bank worth $10,933,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Fifth Third Bancorp raised its stake in Cadence Bank by 165.8% during the 3rd quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock worth $31,000 after buying an additional 905 shares during the period. Ronald Blue Trust Inc. raised its stake in shares of Cadence Bank by 166.6% in the 3rd quarter. Ronald Blue Trust Inc. now owns 3,674 shares of the company’s stock valued at $72,000 after purchasing an additional 2,296 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Cadence Bank by 8.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock valued at $142,000 after purchasing an additional 524 shares during the period. Moody Lynn & Lieberson LLC acquired a new stake in shares of Cadence Bank in the 4th quarter valued at about $205,000. Finally, Precedent Wealth Partners LLC acquired a new stake in shares of Cadence Bank in the 4th quarter valued at about $223,000. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Stock Performance

Shares of Cadence Bank stock traded up $0.76 during mid-day trading on Tuesday, hitting $28.50. 317,361 shares of the stock were exchanged, compared to its average volume of 1,356,123. The company has a 50-day simple moving average of $27.56 and a 200 day simple moving average of $26.46. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.86. Cadence Bank has a 12 month low of $16.95 and a 12 month high of $31.45. The company has a market capitalization of $5.21 billion, a P/E ratio of 9.54 and a beta of 1.02.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, April 22nd. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. Cadence Bank had a net margin of 23.33% and a return on equity of 9.55%. The company had revenue of $437.69 million during the quarter, compared to analyst estimates of $427.18 million. During the same quarter last year, the business posted $0.68 EPS. Cadence Bank’s quarterly revenue was up 12.6% compared to the same quarter last year. Sell-side analysts anticipate that Cadence Bank will post 2.38 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.51%. This is an increase from Cadence Bank’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Thursday, March 14th. Cadence Bank’s dividend payout ratio (DPR) is presently 34.36%.

Wall Street Analysts Forecast Growth

CADE has been the subject of several analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $31.00 price objective on shares of Cadence Bank in a report on Tuesday, April 9th. Jefferies Financial Group reduced their price target on Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a report on Monday, April 8th. Citigroup raised their price objective on shares of Cadence Bank from $27.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, December 29th. Hovde Group downgraded shares of Cadence Bank from an “outperform” rating to a “market perform” rating and set a $32.50 price objective for the company. in a research report on Tuesday, January 30th. Finally, Truist Financial raised their price objective on shares of Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Six research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.65.

Cadence Bank 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.