ProShare Advisors LLC Reduces Stock Position in Cadence Bank $CADE

ProShare Advisors LLC reduced its stake in Cadence Bank (NYSE:CADE) by 14.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 238,554 shares of the company’s stock after selling 41,816 shares during the period. ProShare Advisors LLC’s holdings in Cadence Bank were worth $7,629,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP lifted its holdings in Cadence Bank by 7.8% during the 1st quarter. Wellington Management Group LLP now owns 13,481,585 shares of the company’s stock worth $409,301,000 after purchasing an additional 980,369 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Cadence Bank by 1,802.4% in the first quarter. AQR Capital Management LLC now owns 764,776 shares of the company’s stock valued at $22,790,000 after acquiring an additional 724,576 shares during the period. Nuveen LLC purchased a new position in Cadence Bank during the first quarter valued at approximately $20,090,000. Vaughan Nelson Investment Management L.P. increased its holdings in Cadence Bank by 19.9% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,896,820 shares of the company’s stock worth $92,640,000 after acquiring an additional 480,622 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in Cadence Bank by 9.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,831,131 shares of the company’s stock worth $85,953,000 after purchasing an additional 244,146 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CADE has been the subject of a number of recent analyst reports. Hovde Group boosted their price target on shares of Cadence Bank from $34.00 to $40.00 and gave the company a “market perform” rating in a research report on Monday, July 28th. Wall Street Zen lowered Cadence Bank from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Morgan Stanley lowered Cadence Bank from an “overweight” rating to a “sell” rating in a research note on Tuesday, October 28th. Barclays downgraded Cadence Bank from an “overweight” rating to a “hold” rating in a research report on Tuesday, October 28th. Finally, Keefe, Bruyette & Woods cut shares of Cadence Bank from a “moderate buy” rating to a “hold” rating and upped their price objective for the stock from $41.00 to $49.00 in a research report on Monday, November 3rd. Two research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cadence Bank presently has an average rating of “Hold” and a consensus target price of $42.33.

Cadence Bank Trading Up 0.8%

NYSE CADE opened at $38.89 on Thursday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25. The stock’s 50-day simple moving average is $37.60 and its two-hundred day simple moving average is $34.71. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.23. The company has a market capitalization of $7.09 billion, a price-to-earnings ratio of 14.09 and a beta of 0.95.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, October 20th. The company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.77 by $0.04. The firm had revenue of $517.24 million for the quarter, compared to analyst estimates of $523.60 million. Cadence Bank had a return on equity of 10.08% and a net margin of 18.15%.During the same period in the prior year, the company earned $0.73 EPS. Research analysts forecast that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.10 annualized dividend and a dividend yield of 2.8%. Cadence Bank’s dividend payout ratio (DPR) is 39.86%.

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.