Cadence Bank (NYSE:CADE) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP reduced its position in Cadence Bank (NYSE:CADE) by 1.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,501,216 shares of the company’s stock after selling 140,953 shares during the quarter. Wellington Management Group LLP owned about 0.07% of Cadence Bank worth $430,667,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Brooklyn Investment Group acquired a new stake in Cadence Bank during the 4th quarter worth $26,000. Mather Group LLC. boosted its stake in shares of Cadence Bank by 716.2% during the fourth quarter. Mather Group LLC. now owns 808 shares of the company’s stock worth $28,000 after buying an additional 709 shares during the period. Keystone Financial Group Inc. acquired a new stake in shares of Cadence Bank during the fourth quarter worth about $31,000. Point72 Hong Kong Ltd purchased a new position in shares of Cadence Bank during the third quarter worth about $32,000. Finally, Smartleaf Asset Management LLC increased its position in Cadence Bank by 163.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock valued at $40,000 after acquiring an additional 722 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CADE has been the topic of several analyst reports. Morgan Stanley lowered their target price on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Stephens reiterated an “overweight” rating and issued a $42.00 price objective on shares of Cadence Bank in a research report on Thursday, January 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $38.00 price objective on shares of Cadence Bank in a research report on Friday, January 24th. Citigroup lifted their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $38.77.

Cadence Bank Price Performance

Shares of NYSE:CADE opened at $30.38 on Tuesday. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of 10.97 and a beta of 0.96. The business’s 50 day simple moving average is $32.82 and its 200-day simple moving average is $34.04. Cadence Bank has a 12 month low of $26.16 and a 12 month high of $40.20.

Cadence Bank (NYSE:CADE) last posted its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.02. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period last year, the business earned $0.40 EPS. On average, equities analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.275 per share. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 3.62%. The ex-dividend date is Friday, March 14th. Cadence Bank’s dividend payout ratio (DPR) is 39.71%.

Cadence Bank Company 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.