Linscomb Wealth Inc. Sells 8,050 Shares of Cadence Bank (NYSE:CADE)

Linscomb Wealth Inc. reduced its stake in shares of Cadence Bank (NYSE:CADE) by 26.6% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 22,180 shares of the company’s stock after selling 8,050 shares during the quarter. Linscomb Wealth Inc.’s holdings in Cadence Bank were worth $706,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CADE. Vanguard Group Inc. raised its holdings in Cadence Bank by 4.9% during the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock valued at $587,867,000 after buying an additional 940,895 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Cadence Bank by 6.4% in the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after purchasing an additional 593,878 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Cadence Bank in the third quarter valued at about $5,511,000. Leuthold Group LLC acquired a new stake in shares of Cadence Bank in the third quarter valued at about $2,743,000. Finally, Moody Aldrich Partners LLC grew its position in shares of Cadence Bank by 28.6% in the third quarter. Moody Aldrich Partners LLC now owns 294,932 shares of the company’s stock valued at $9,394,000 after purchasing an additional 65,595 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Stock Down 0.9 %

Shares of CADE opened at $37.69 on Friday. The stock has a market cap of $6.87 billion, a price-to-earnings ratio of 10.83 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 12 month low of $24.15 and a 12 month high of $39.79. The company has a 50-day moving average price of $33.14 and a two-hundred day moving average price of $30.85.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. The firm had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.56 earnings per share. Equities analysts predict that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is currently 28.74%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CADE. Truist Financial raised their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Morgan Stanley raised 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 research report on Monday, September 30th. Stephens reissued an “overweight” rating and set a $35.00 target price on shares of Cadence Bank in a research report on Tuesday, July 23rd. Piper Sandler downgraded Cadence Bank from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $33.00 to $34.00 in a research report on Wednesday, July 24th. Finally, Barclays lifted their target price on Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.