Nicholas Hoffman & Company LLC. Sells 4,500 Shares of Cadence Bank (NYSE:CADE)

Nicholas Hoffman & Company LLC. lessened its position in Cadence Bank (NYSE:CADE) by 1.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 411,064 shares of the company’s stock after selling 4,500 shares during the period. Cadence Bank comprises about 0.6% of Nicholas Hoffman & Company LLC.’s portfolio, making the stock its 16th biggest holding. Nicholas Hoffman & Company LLC.’s holdings in Cadence Bank were worth $14,161,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Point72 Asset Management L.P. bought a new stake in shares of Cadence Bank during the 3rd quarter worth about $11,727,000. 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 buying an additional 291,885 shares during the period. Segall Bryant & Hamill LLC raised its stake in Cadence Bank by 21.7% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock worth $42,396,000 after purchasing an additional 237,748 shares in the last quarter. FMR LLC raised its stake in Cadence Bank by 1.2% in the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company’s stock worth $523,074,000 after purchasing an additional 195,773 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Cadence Bank in the 3rd quarter worth about $5,511,000. Institutional investors own 84.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CADE shares. DA Davidson lifted their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Truist Financial lifted their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their price objective on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Stephens reiterated an “overweight” rating and issued a $42.00 price objective on shares of Cadence Bank in a research note on Thursday, January 23rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $38.00 price objective on shares of Cadence Bank in a research note on Friday, January 24th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $38.50.

Cadence Bank Price Performance

CADE stock opened at $34.50 on Monday. The company has a 50 day simple moving average of $35.12 and a 200 day simple moving average of $33.90. The stock has a market cap of $6.29 billion, a price-to-earnings ratio of 12.45 and a beta of 0.99. Cadence Bank has a 1 year low of $26.16 and a 1 year high of $40.20.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter in the previous year, the business posted $0.40 earnings per share. On average, equities research analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.19%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, March 14th. Cadence Bank’s dividend payout ratio is currently 36.10%.

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.