Linscomb Wealth Inc. Reduces Holdings in Cadence Bank (NYSE:CADE)

Linscomb Wealth Inc. lowered its position in Cadence Bank (NYSE:CADE) by 6.9% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 20,653 shares of the company’s stock after selling 1,527 shares during the period. Linscomb Wealth Inc.’s holdings in Cadence Bank were worth $711,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CADE. Geode Capital Management LLC raised its position in shares of Cadence Bank by 0.9% in the third quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock valued at $138,974,000 after buying an additional 39,679 shares during the last quarter. Cerity Partners LLC raised its holdings in Cadence Bank by 31.2% in the 3rd quarter. Cerity Partners LLC now owns 64,377 shares of the company’s stock valued at $2,050,000 after acquiring an additional 15,312 shares during the last quarter. Stifel Financial Corp lifted its stake in Cadence Bank by 18.1% in the 3rd 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. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Cadence Bank by 16.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after purchasing an additional 291,885 shares during the last quarter. Finally, Franklin Resources Inc. purchased a new stake in shares of Cadence Bank in the third quarter valued at approximately $947,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CADE shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $38.00 price objective on shares of Cadence Bank in a research report on Friday, January 24th. Citigroup boosted their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $41.00 to $44.00 in a research report on Thursday, December 19th. Stephens reaffirmed an “overweight” rating and set a $42.00 target price on shares of Cadence Bank in a research note on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods increased their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Bank has a consensus rating of “Moderate Buy” and an average target price of $38.50.

Cadence Bank Stock Performance

NYSE:CADE opened at $33.17 on Friday. Cadence Bank has a fifty-two week low of $26.16 and a fifty-two week high of $40.20. The company has a 50 day moving average price of $34.62 and a 200 day moving average price of $34.11. The stock has a market capitalization of $6.04 billion, a P/E ratio of 11.97 and a beta of 0.99.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, topping 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 quarter last year, the company earned $0.40 earnings per share. Research analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a $0.275 dividend. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 3.32%. The ex-dividend date is Friday, March 14th. Cadence Bank’s payout ratio is currently 39.71%.

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.