Cadence Bank (NYSE:CADE) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its position in Cadence Bank (NYSE:CADE - Free Report) by 5.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 296,338 shares of the company's stock after selling 15,448 shares during the quarter. Corebridge Financial Inc. owned about 0.16% of Cadence Bank worth $10,209,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CADE. Brooklyn Investment Group acquired a new position in shares of Cadence Bank during the 4th quarter worth approximately $26,000. Mather Group LLC. boosted its stake in Cadence Bank by 716.2% during the fourth quarter. Mather Group LLC. now owns 808 shares of the company's stock worth $28,000 after buying an additional 709 shares during the last quarter. Keystone Financial Group Inc. acquired a new position in Cadence Bank during the fourth quarter worth $31,000. Point72 Hong Kong Ltd purchased a new stake in Cadence Bank in the 3rd quarter valued at $32,000. Finally, Smartleaf Asset Management LLC increased its stake in shares of Cadence Bank by 163.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company's stock worth $40,000 after acquiring an additional 722 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

Cadence Bank Stock Performance

Shares of CADE traded up $0.26 during mid-day trading on Monday, hitting $30.38. 1,029,172 shares of the company's stock were exchanged, compared to its average volume of 1,241,454. The stock's 50-day moving average is $32.82 and its 200-day moving average is $34.04. Cadence Bank has a fifty-two week low of $26.16 and a fifty-two week high of $40.20. The company has a market cap of $5.54 billion, a price-to-earnings ratio of 10.97 and a beta of 0.96.

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Cadence Bank (NYSE:CADE - Get Free Report) last released its earnings results 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 last year, the firm posted $0.40 EPS. As a group, equities research analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.62%. 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 payout ratio is presently 39.71%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CADE. Royal Bank of Canada reissued a "sector perform" rating and set a $38.00 price target on shares of Cadence Bank in a research report on Friday, January 24th. Stephens reiterated an "overweight" rating and issued a $42.00 price objective on shares of Cadence Bank in a research report on Thursday, January 23rd. Morgan Stanley cut their target price on Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Citigroup upped their price target on Cadence Bank from $37.00 to $38.00 and gave the company a "neutral" rating in a research note on Monday, January 27th. Finally, Barclays raised Cadence Bank from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock 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 issued a buy rating to the company. According to data from MarketBeat.com, Cadence Bank currently has an average rating of "Moderate Buy" and an average price target of $38.77.

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.