MetLife Investment Management LLC Sells 3,154 Shares of Cadence Bank (NYSE:CADE)

MetLife Investment Management LLC cut its stake in shares of Cadence Bank (NYSE:CADE) by 1.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 194,809 shares of the company’s stock after selling 3,154 shares during the quarter. MetLife Investment Management LLC owned approximately 0.11% of Cadence Bank worth $6,205,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of CADE. Blue Trust Inc. grew its stake in Cadence Bank by 456.6% in the second quarter. Blue Trust Inc. now owns 21,667 shares of the company’s stock valued at $628,000 after acquiring an additional 17,774 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in Cadence Bank by 16.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock valued at $66,360,000 after purchasing an additional 291,885 shares during the period. Natixis Advisors LLC raised its holdings in Cadence Bank by 8.0% during the second quarter. Natixis Advisors LLC now owns 419,375 shares of the company’s stock worth $11,860,000 after buying an additional 30,945 shares during the last quarter. Segall Bryant & Hamill LLC raised its holdings in Cadence Bank by 21.7% during the third quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock worth $42,396,000 after buying an additional 237,748 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Cadence Bank in the third quarter valued at $5,511,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CADE. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $36.00 to $39.00 in a report on Monday, September 30th. Barclays increased their price objective on Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Truist Financial lifted their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. DA Davidson increased their price target 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, Royal Bank of Canada lifted their price objective on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cadence Bank currently has an average rating of “Moderate Buy” and a consensus price target of $35.29.

Cadence Bank Stock Performance

NYSE CADE opened at $38.19 on Friday. The company has a market capitalization of $6.96 billion, a PE ratio of 10.97 and a beta of 0.95. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 52-week low of $24.74 and a 52-week high of $40.20. The company has a 50-day simple moving average of $34.49 and a 200 day simple moving average of $31.49.

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

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.62%. Cadence Bank’s dividend payout ratio is presently 28.74%.

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.