Federated Hermes Inc. Sells 15,427 Shares of Cadence Bank (NYSE:CADE)

Federated Hermes Inc. cut its holdings in Cadence Bank (NYSE:CADE) by 12.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 111,378 shares of the company’s stock after selling 15,427 shares during the period. Federated Hermes Inc.’s holdings in Cadence Bank were worth $3,837,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in shares of Cadence Bank by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock worth $138,974,000 after purchasing an additional 39,679 shares during the last quarter. Stifel Financial Corp boosted its holdings in Cadence Bank by 18.1% during the third quarter. Stifel Financial Corp now owns 21,034 shares of the company’s stock worth $670,000 after buying an additional 3,218 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Cadence Bank by 1.4% during the 4th quarter. Victory Capital Management Inc. now owns 50,453 shares of the company’s stock worth $1,738,000 after buying an additional 685 shares during the period. Franklin Resources Inc. bought a new stake in shares of Cadence Bank in the 3rd quarter valued at about $947,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Cadence Bank by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company’s stock valued at $77,678,000 after acquiring an additional 12,309 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $38.00 target price on shares of Cadence Bank in a research note on Friday, January 24th. Morgan Stanley decreased their price objective on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Stephens reissued an “overweight” rating and set a $42.00 target price on shares of Cadence Bank in a research note on Thursday, January 23rd. Hovde Group cut their price target on shares of Cadence Bank from $40.00 to $35.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 2nd. Finally, Barclays lowered their price objective on shares of Cadence Bank from $44.00 to $38.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.09.

Cadence Bank Trading Up 0.9 %

Cadence Bank stock opened at $27.21 on Friday. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20. The company has a fifty day simple moving average of $31.19 and a 200 day simple moving average of $33.70. The company has a market cap of $4.96 billion, a P/E ratio of 9.82 and a beta of 0.87.

Cadence Bank (NYSE:CADE) last released its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period in the prior year, the company earned $0.40 EPS. On average, equities research analysts forecast that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a dividend of $0.275 per share. The ex-dividend date was Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.04%. 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 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.