Victory Capital Management Inc. Sells 923 Shares of Cadence Bank (NYSE:CADE)

Victory Capital Management Inc. decreased its position in shares of Cadence Bank (NYSE:CADE) by 1.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,768 shares of the company’s stock after selling 923 shares during the period. Victory Capital Management Inc.’s holdings in Cadence Bank were worth $1,585,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Lazard Asset Management LLC lifted its holdings in shares of Cadence Bank by 125.0% during the first quarter. Lazard Asset Management LLC now owns 8,181 shares of the company’s stock worth $236,000 after purchasing an additional 4,545 shares during the period. Tidal Investments LLC purchased a new stake in Cadence Bank in the first quarter worth $209,000. GAMMA Investing LLC raised its stake in Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after acquiring an additional 436 shares during the period. Chickasaw Capital Management LLC bought a new stake in shares of Cadence Bank in the second quarter valued at approximately $369,000. Finally, Diversified Trust Co increased its position in shares of Cadence Bank by 6.9% during the second quarter. Diversified Trust Co now owns 41,792 shares of the company’s stock valued at $1,182,000 after buying an additional 2,692 shares during the period. Institutional investors own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CADE shares. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Royal Bank of Canada boosted their target price on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Barclays lifted their price target on Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. DA Davidson upped their price objective on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Truist Financial upped their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cadence Bank currently has an average rating of “Moderate Buy” and an average price target of $35.29.

Cadence Bank Stock Performance

Shares of CADE opened at $39.29 on Tuesday. Cadence Bank has a 12 month low of $24.15 and a 12 month high of $40.20. The firm has a market cap of $7.16 billion, a PE ratio of 11.29 and a beta of 0.95. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The stock has a fifty day moving average price of $33.99 and a 200-day moving average price of $31.26.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. The company had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. Cadence Bank’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.56 earnings per share. Equities research analysts predict that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 annualized dividend and a yield of 2.55%. Cadence Bank’s dividend payout ratio (DPR) is currently 28.74%.

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.