Wellington Management Group LLP Cuts Stock Holdings in Cadence Bank (NYSE:CADE)

Wellington Management Group LLP lowered its position in shares of Cadence Bank (NYSE:CADE) by 1.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,642,169 shares of the company’s stock after selling 178,747 shares during the period. Wellington Management Group LLP owned 6.94% of Cadence Bank worth $402,653,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp grew its stake in shares of Cadence Bank by 1.9% during the third quarter. State Street Corp now owns 8,872,085 shares of the company’s stock worth $284,759,000 after purchasing an additional 165,282 shares in the last quarter. Stifel Financial Corp grew its stake in shares of Cadence Bank by 18.1% during the third quarter. Stifel Financial Corp now owns 21,034 shares of the company’s stock worth $670,000 after purchasing an additional 3,218 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of Cadence Bank during the third quarter worth $302,000. Point72 DIFC Ltd acquired a new position in Cadence Bank in the third quarter valued at $304,000. Finally, Point72 Asset Management L.P. acquired a new position in Cadence Bank in the third quarter valued at $11,727,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

CADE has been the subject of several research analyst reports. DA Davidson upped their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price objective on shares of Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Barclays upped their price objective on shares of Cadence Bank from $37.00 to $41.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Royal Bank of Canada upped their price objective on shares of Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.63.

Cadence Bank Trading Up 0.5 %

NYSE CADE opened at $37.62 on Friday. The stock has a market capitalization of $6.86 billion, a P/E ratio of 10.81 and a beta of 0.98. Cadence Bank has a 52-week low of $24.99 and a 52-week high of $40.20. The firm has a 50-day moving average price of $35.10 and a 200 day moving average price of $31.80. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04.

Cadence Bank (NYSE:CADE) last posted 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. The firm had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.56 earnings per share. Equities research analysts expect that Cadence Bank will post 2.71 EPS for the current year.

Cadence Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, December 13th. This represents a $1.00 annualized dividend and a yield of 2.66%. Cadence Bank’s dividend payout ratio is currently 28.74%.

Cadence Bank 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.