Corient Private Wealth LLC Sells 11,850 Shares of Cadence Bank (NYSE:CADE)

Corient Private Wealth LLC reduced its stake in Cadence Bank (NYSE:CADE) by 32.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 24,558 shares of the company’s stock after selling 11,850 shares during the period. Corient Private Wealth LLC’s holdings in Cadence Bank were worth $846,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. Brooklyn Investment Group purchased a new position in Cadence Bank in the fourth quarter valued at about $26,000. Mather Group LLC. raised its holdings in shares of Cadence Bank by 716.2% in the 4th quarter. Mather Group LLC. now owns 808 shares of the company’s stock worth $28,000 after purchasing an additional 709 shares during the period. Keystone Financial Group Inc. purchased a new position in Cadence Bank in the fourth quarter valued at approximately $31,000. Point72 Hong Kong Ltd bought a new position in Cadence Bank during the third quarter valued at $32,000. Finally, Smartleaf Asset Management LLC increased its position in Cadence Bank by 163.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock worth $40,000 after buying an additional 722 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Performance

Shares of CADE stock opened at $30.77 on Friday. The company has a market capitalization of $5.61 billion, a PE ratio of 11.11 and a beta of 0.96. Cadence Bank has a 52-week low of $26.16 and a 52-week high of $40.20. The business’s fifty day moving average is $33.03 and its 200 day moving average is $33.99.

Cadence Bank (NYSE:CADE) last released its quarterly 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 in the previous year, the company posted $0.40 EPS. On average, sell-side analysts forecast that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s payout ratio is currently 39.71%.

Analysts Set New Price Targets

A number of research analysts have recently commented on CADE shares. Keefe, Bruyette & Woods upped their price target on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Morgan Stanley dropped their price objective on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Citigroup lifted their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Royal Bank of Canada restated a “sector perform” rating and set a $38.00 price target on shares of Cadence Bank in a research note on Friday, January 24th. Finally, Stephens reiterated an “overweight” rating and issued a $42.00 price objective on shares of Cadence Bank in a research note on Thursday, January 23rd. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.77.

About Cadence Bank

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.