JPMorgan Chase & Co. Sells 173,401 Shares of Cadence Bank $CADE

JPMorgan Chase & Co. cut its position in Cadence Bank (NYSE:CADE) by 20.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 682,861 shares of the company’s stock after selling 173,401 shares during the period. JPMorgan Chase & Co.’s holdings in Cadence Bank were worth $25,635,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CADE. Federated Hermes Inc. increased its holdings in Cadence Bank by 41.4% during the 3rd quarter. Federated Hermes Inc. now owns 110,808 shares of the company’s stock worth $4,160,000 after purchasing an additional 32,455 shares in the last quarter. Gamco Investors INC. ET AL boosted its position in shares of Cadence Bank by 77.1% during the second quarter. Gamco Investors INC. ET AL now owns 148,550 shares of the company’s stock valued at $4,751,000 after buying an additional 64,690 shares during the last quarter. Jackson Creek Investment Advisors LLC bought a new stake in Cadence Bank during the third quarter worth $1,810,000. SouthState Bank Corp purchased a new stake in Cadence Bank in the 3rd quarter valued at $2,211,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in Cadence Bank by 59.7% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 117,552 shares of the company’s stock valued at $4,413,000 after acquiring an additional 43,944 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Keefe, Bruyette & Woods lowered shares of Cadence Bank from a “moderate buy” rating to a “hold” rating and upped their target price for the stock from $41.00 to $49.00 in a research note on Monday, November 3rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cadence Bank in a research report on Wednesday, January 21st. Two equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $42.88.

Cadence Bank Stock Down 1.6%

CADE opened at $42.14 on Monday. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $46.74. The company’s 50-day moving average price is $43.18 and its two-hundred day moving average price is $40.08. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of 14.94 and a beta of 0.95. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.15.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Thursday, January 22nd. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.06. Cadence Bank had a net margin of 18.12% and a return on equity of 10.16%. The company had revenue of $528.41 million for the quarter, compared to analysts’ expectations of $525.15 million. During the same quarter in the previous year, the firm posted $0.70 EPS. As a group, equities analysts expect that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, January 30th were paid a dividend of $0.3438 per share. This represents a $1.38 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Friday, January 30th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.28. Cadence Bank’s dividend payout ratio is currently 39.01%.

Cadence Bank Profile

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.