Cullen Frost Bankers Inc. Has $1.01 Million Holdings in Cadence Bank (NYSE:CADE)

Cullen Frost Bankers Inc. cut its stake in shares of Cadence Bank (NYSE:CADE) by 6.6% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 34,137 shares of the company’s stock after selling 2,429 shares during the period. Cullen Frost Bankers Inc.’s holdings in Cadence Bank were worth $1,010,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Barclays PLC increased its position in Cadence Bank by 30.7% during the third quarter. Barclays PLC now owns 528,407 shares of the company’s stock worth $11,212,000 after acquiring an additional 124,084 shares during the period. Comerica Bank bought a new position in Cadence Bank during the third quarter worth $5,177,000. American Century Companies Inc. increased its position in Cadence Bank by 35.7% during the third quarter. American Century Companies Inc. now owns 1,258,097 shares of the company’s stock worth $26,697,000 after acquiring an additional 331,097 shares during the period. Wellington Management Group LLP increased its position in Cadence Bank by 15.7% during the third quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock worth $166,110,000 after acquiring an additional 1,063,055 shares during the period. Finally, New York State Common Retirement Fund increased its position in Cadence Bank by 49.4% during the fourth quarter. New York State Common Retirement Fund now owns 112,255 shares of the company’s stock worth $3,322,000 after acquiring an additional 37,129 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CADE shares. Barclays boosted their price target on shares of Cadence Bank from $28.00 to $29.00 and gave the company an “equal weight” rating in a report on Wednesday, April 24th. Raymond James lowered their price target on shares of Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 31st. Truist Financial increased their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Hovde Group raised shares of Cadence Bank from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $32.50 to $33.00 in a research note on Wednesday, April 24th. Finally, Jefferies Financial Group dropped their price objective on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a report on Monday, April 8th. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.09.

Cadence Bank Price Performance

CADE opened at $29.40 on Friday. The firm has a market cap of $5.36 billion, a P/E ratio of 9.39 and a beta of 1.01. The firm has a 50-day moving average of $28.00 and a 200 day moving average of $27.09. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.85. Cadence Bank has a fifty-two week low of $17.38 and a fifty-two week high of $31.45.

Cadence Bank (NYSE:CADE) last posted its earnings results on Friday, April 26th. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.08. The firm had revenue of $437.69 million during the quarter, compared to the consensus estimate of $427.18 million. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The company’s revenue was up 12.6% on a year-over-year basis. During the same quarter last year, the company earned $0.68 earnings per share. On average, research analysts expect that Cadence Bank will post 2.48 EPS for the current year.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.00 annualized dividend and a yield of 3.40%. Cadence Bank’s dividend payout ratio is currently 31.95%.

About Cadence Bank

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.