Securian Asset Management Inc. Lowers Stock Position in Cadence Bank (NYSE:CADE)

Securian Asset Management Inc. cut its holdings in Cadence Bank (NYSE:CADE) by 2.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 13,832 shares of the company’s stock after selling 353 shares during the quarter. Securian Asset Management Inc.’s holdings in Cadence Bank were worth $477,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Raymond James Financial Inc. bought a new stake in Cadence Bank during the fourth quarter worth about $13,225,000. Point72 Asset Management L.P. bought a new stake in shares of Cadence Bank in the 3rd quarter worth approximately $11,727,000. Fisher Asset Management LLC boosted its position in shares of Cadence Bank by 19.0% in the 4th quarter. Fisher Asset Management LLC now owns 1,655,847 shares of the company’s stock worth $57,044,000 after purchasing an additional 264,691 shares in the last quarter. Segall Bryant & Hamill LLC grew its stake in shares of 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 buying an additional 237,748 shares during the last quarter. Finally, FMR LLC increased its position in Cadence Bank by 1.2% during the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company’s stock valued at $523,074,000 after buying an additional 195,773 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Morgan Stanley cut their target price on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Stephens reissued an “overweight” rating and set a $42.00 price objective on shares of Cadence Bank in a research report on Thursday, January 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $38.00 target price on shares of Cadence Bank in a report on Friday, January 24th. 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 report on Wednesday, December 4th. Finally, Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $41.00 to $44.00 in a research report on Thursday, December 19th. 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 stock has a consensus rating of “Moderate Buy” and an average price target of $38.77.

Cadence Bank Trading Up 1.5 %

CADE opened at $30.30 on Tuesday. The company’s 50 day moving average is $33.68 and its 200 day moving average is $34.08. The company has a market cap of $5.52 billion, a price-to-earnings ratio of 10.94 and a beta of 0.96. Cadence Bank has a 12-month low of $26.16 and a 12-month high of $40.20.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate 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 firm posted $0.40 EPS. As a group, analysts predict that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently declared 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 a boost from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a yield of 3.63%. Cadence Bank’s dividend payout ratio is presently 39.71%.

Cadence Bank Company 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.