Stieven Capital Advisors L.P. Sells 16,436 Shares of Cadence Bank (NYSE:CADE)

Stieven Capital Advisors L.P. lowered its position in shares of Cadence Bank (NYSE:CADE) by 5.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 261,468 shares of the company’s stock after selling 16,436 shares during the period. Cadence Bank comprises about 1.6% of Stieven Capital Advisors L.P.’s holdings, making the stock its 28th largest holding. Stieven Capital Advisors L.P. owned approximately 0.14% of Cadence Bank worth $8,328,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CADE. Vanguard Group Inc. increased its holdings in shares of Cadence Bank by 4.9% in the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after buying an additional 940,895 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Cadence Bank by 6.4% in the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock worth $277,874,000 after buying an additional 593,878 shares during the period. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Cadence Bank by 16.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after buying an additional 291,885 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Cadence Bank in the third quarter worth about $5,511,000. Finally, Leuthold Group LLC purchased a new position in shares of Cadence Bank in the third quarter worth about $2,743,000. Institutional investors own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CADE. Piper Sandler downgraded Cadence Bank from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $33.00 to $34.00 in a report on Wednesday, July 24th. Stephens restated an “overweight” rating and set a $35.00 price target on shares of Cadence Bank in a report on Tuesday, July 23rd. Hovde Group boosted their price target on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $36.00 to $39.00 in a report on Monday, September 30th. Finally, Truist Financial boosted their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.29.

Cadence Bank Stock Performance

Shares of CADE opened at $37.70 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The business’s 50 day moving average price is $33.14 and its 200-day moving average price is $30.87. Cadence Bank has a 52 week low of $24.15 and a 52 week high of $39.79. The stock has a market cap of $6.87 billion, a P/E ratio of 10.83 and a beta of 0.95.

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

Cadence Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 annualized dividend and a yield of 2.65%. Cadence Bank’s dividend payout ratio (DPR) is presently 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.