Corient Private Wealth LLC Trims Stock Holdings in Cadence Bank (NYSE:CADE)

Corient Private Wealth LLC lowered its position in Cadence Bank (NYSE:CADE - Free Report) by 32.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 24,558 shares of the company's stock after selling 11,850 shares during the period. Corient Private Wealth LLC's holdings in Cadence Bank were worth $846,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its stake in Cadence Bank by 4.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,242,486 shares of the company's stock valued at $71,423,000 after purchasing an additional 105,231 shares in the last quarter. Citigroup Inc. increased its position in Cadence Bank by 14.5% in the 3rd quarter. Citigroup Inc. now owns 296,511 shares of the company's stock valued at $9,444,000 after buying an additional 37,586 shares in the last quarter. Cerity Partners LLC raised its stake in Cadence Bank by 31.2% during the 3rd quarter. Cerity Partners LLC now owns 64,377 shares of the company's stock worth $2,050,000 after buying an additional 15,312 shares during the period. Algert Global LLC boosted its holdings in Cadence Bank by 2.8% in the third quarter. Algert Global LLC now owns 18,920 shares of the company's stock worth $603,000 after acquiring an additional 522 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Cadence Bank in the 3rd quarter worth $492,000. Institutional investors and hedge funds own 84.61% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on CADE. Morgan Stanley lowered their price objective on shares of Cadence Bank from $46.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Citigroup raised their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a "neutral" rating in a research report on Monday, January 27th. Keefe, Bruyette & Woods boosted their price objective on Cadence Bank from $38.00 to $45.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. Stephens restated an "overweight" rating and issued a $42.00 target price on shares of Cadence Bank in a report on Thursday, January 23rd. Finally, Barclays upgraded Cadence Bank from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $41.00 to $44.00 in a report on Thursday, December 19th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, Cadence Bank currently has an average rating of "Moderate Buy" and a consensus target price of $38.77.

Remove Ads

Cadence Bank Stock Performance

NYSE:CADE traded up $0.26 during trading on Monday, reaching $30.38. The company's stock had a trading volume of 1,029,172 shares, compared to its average volume of 1,241,454. Cadence Bank has a 12 month low of $26.16 and a 12 month high of $40.20. The firm has a market cap of $5.54 billion, a price-to-earnings ratio of 10.97 and a beta of 0.96. The firm has a 50 day moving average of $32.82 and a 200-day moving average of $34.04.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share 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 period in the prior year, the company posted $0.40 EPS. Equities research analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date is Friday, March 14th. This is a boost from Cadence Bank's previous quarterly dividend of $0.25. Cadence Bank's dividend payout ratio is currently 39.71%.

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.