Principal Financial Group Inc. Sells 344,944 Shares of Cadence Bank (NYSE:CADE)

Principal Financial Group Inc. decreased its position in Cadence Bank (NYSE:CADE - Free Report) by 44.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 423,356 shares of the company's stock after selling 344,944 shares during the period. Principal Financial Group Inc. owned 0.23% of Cadence Bank worth $13,484,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Cadence Bank by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company's stock valued at $587,867,000 after purchasing an additional 940,895 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in Cadence Bank by 32.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 68,892 shares of the company's stock valued at $1,998,000 after acquiring an additional 16,850 shares during the last quarter. Blue Trust Inc. grew its holdings in Cadence Bank by 456.6% during the 2nd quarter. Blue Trust Inc. now owns 21,667 shares of the company's stock worth $628,000 after acquiring an additional 17,774 shares during the period. Natixis Advisors LLC raised its position in shares of Cadence Bank by 8.0% during the 2nd quarter. Natixis Advisors LLC now owns 419,375 shares of the company's stock valued at $11,860,000 after acquiring an additional 30,945 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Cadence Bank during the 3rd quarter valued at $5,511,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Stock Down 0.8 %

Shares of Cadence Bank stock traded down $0.32 during trading on Friday, reaching $37.70. The stock had a trading volume of 1,541,307 shares, compared to its average volume of 1,498,679. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $6.87 billion, a price-to-earnings ratio of 10.83 and a beta of 0.95. The stock has a fifty day moving average price of $33.14 and a two-hundred day moving average price of $30.87. Cadence Bank has a 52 week low of $24.15 and a 52 week high of $39.79.

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

Cadence Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, December 13th. This represents a $1.00 annualized dividend and a yield of 2.65%. Cadence Bank's payout ratio is presently 28.74%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Truist Financial lifted their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Barclays upped their price target on Cadence Bank from $35.00 to $37.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 23rd. Hovde Group lifted their price objective on shares of Cadence Bank from $33.00 to $36.50 and gave the stock an "outperform" rating in a research note on Wednesday, July 24th. Piper Sandler downgraded shares of Cadence Bank from an "overweight" rating to a "neutral" rating and upped their target price for the company from $33.00 to $34.00 in a research note on Wednesday, July 24th. 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 equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $35.29.

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.