Linscomb Wealth Inc. Decreases Stock Position in Cadence Bank (NYSE:CADE)

Linscomb Wealth Inc. decreased its holdings in shares of Cadence Bank (NYSE:CADE) by 6.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund 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 hedge funds have also recently modified their holdings of the stock. Brooklyn Investment Group purchased a new position in Cadence Bank in the 4th quarter worth $26,000. Mather Group LLC. increased its holdings in shares of Cadence Bank by 716.2% in the fourth quarter. Mather Group LLC. now owns 808 shares of the company’s stock valued at $28,000 after purchasing an additional 709 shares during the period. Keystone Financial Group Inc. purchased a new position in shares of Cadence Bank in the fourth quarter worth about $31,000. Point72 Hong Kong Ltd acquired a new stake in shares of Cadence Bank during the third quarter worth about $32,000. Finally, GAMMA Investing LLC boosted its position in Cadence Bank by 19.3% in the fourth quarter. GAMMA Investing LLC now owns 1,862 shares of the company’s stock valued at $64,000 after buying an additional 301 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analysts Set New Price Targets

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

Cadence Bank Trading Up 1.6 %

Shares of CADE stock opened at $33.17 on Friday. The company has a market capitalization of $6.04 billion, a P/E ratio of 11.97 and a beta of 0.99. Cadence Bank has a 12-month low of $26.16 and a 12-month high of $40.20. The business’s 50 day moving average is $34.62 and its two-hundred day moving average is $34.11.

Cadence Bank (NYSE:CADE) last announced its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business posted $0.40 EPS. On average, research analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.275 per share. The ex-dividend date is Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.32%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. 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.