The Manufacturers Life Insurance Company Lowers Stock Position in Cadence Bank (NYSE:CADE)

The Manufacturers Life Insurance Company lessened its holdings in Cadence Bank (NYSE:CADE - Free Report) by 3.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 499,490 shares of the company's stock after selling 20,476 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.27% of Cadence Bank worth $15,909,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new stake in shares of Cadence Bank during the third quarter worth approximately $25,000. GAMMA Investing LLC grew its stake in shares of Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company's stock valued at $28,000 after purchasing an additional 436 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of Cadence Bank during the second quarter valued at approximately $138,000. KBC Group NV grew its stake in shares of Cadence Bank by 11.5% during the third quarter. KBC Group NV now owns 5,036 shares of the company's stock valued at $160,000 after purchasing an additional 519 shares during the last quarter. Finally, Americana Partners LLC bought a new position in Cadence Bank in the third quarter valued at approximately $201,000. Institutional investors and hedge funds own 84.61% of the company's stock.

Cadence Bank Price Performance

Shares of NYSE:CADE traded down $0.02 during midday trading on Monday, hitting $38.17. The stock had a trading volume of 222,109 shares, compared to its average volume of 1,317,577. The company's 50-day moving average price is $34.49 and its 200-day moving average price is $31.52. The company has a market capitalization of $6.96 billion, a P/E ratio of 10.99 and a beta of 0.95. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. Cadence Bank has a fifty-two week low of $24.99 and a fifty-two week high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The firm had revenue of $447.36 million during the quarter, compared to analysts' expectations of $450.97 million. During the same period in the prior year, the company posted $0.56 EPS. The company's revenue was up 11.0% on a year-over-year basis. As a group, equities research analysts predict that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank's dividend payout ratio (DPR) is currently 28.74%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Truist Financial raised their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Barclays raised their price objective on shares of Cadence Bank from $35.00 to $37.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 23rd. DA Davidson raised their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Morgan Stanley raised shares of Cadence Bank from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Finally, Royal Bank of Canada lifted their price target on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a "sector perform" rating in a research report on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $35.29.

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.