Principal Financial Group Inc. Reduces Holdings in Cadence Bank (NYSE:CADE)

Principal Financial Group Inc. cut its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 44.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 423,356 shares of the company's stock after selling 344,944 shares during the period. Principal Financial Group Inc. owned about 0.23% of Cadence Bank worth $13,484,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in CADE. KBC Group NV boosted 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 in the last quarter. Algert Global LLC lifted its holdings in Cadence Bank by 2.8% during the third quarter. Algert Global LLC now owns 18,920 shares of the company's stock worth $603,000 after buying an additional 522 shares during the period. GAMMA Investing LLC boosted its position in Cadence Bank by 55.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,561 shares of the company's stock valued at $50,000 after acquiring an additional 559 shares in the last quarter. HighTower Advisors LLC boosted its position in Cadence Bank by 1.4% during the 3rd quarter. HighTower Advisors LLC now owns 43,940 shares of the company's stock valued at $1,406,000 after acquiring an additional 599 shares in the last quarter. Finally, Tidal Investments LLC increased its holdings in shares of Cadence Bank by 8.1% in the 3rd quarter. Tidal Investments LLC now owns 9,769 shares of the company's stock valued at $311,000 after acquiring an additional 730 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CADE. Barclays raised Cadence Bank from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $41.00 to $44.00 in a research report on Thursday, December 19th. Morgan Stanley upgraded shares of Cadence Bank from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $36.00 to $39.00 in a report on Monday, September 30th. Truist Financial boosted their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Royal Bank of Canada raised their target price on shares of Cadence Bank from $35.00 to $36.00 and gave the company a "sector perform" rating in a research note on Wednesday, October 23rd. Finally, DA Davidson lifted their price target on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cadence Bank presently has a consensus rating of "Moderate Buy" and an average price target of $36.88.

Cadence Bank Price Performance

Shares of Cadence Bank stock traded down $0.51 during trading hours on Friday, reaching $34.49. The stock had a trading volume of 736,823 shares, compared to its average volume of 1,301,520. Cadence Bank has a twelve month low of $24.99 and a twelve month high of $40.20. 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 firm has a market capitalization of $6.28 billion, a PE ratio of 9.91 and a beta of 0.98. The stock's 50 day moving average is $36.21 and its 200 day moving average is $32.57.

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

Cadence Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.90%. Cadence Bank's dividend payout ratio is currently 28.74%.

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.