Cadence Bank (NYSE:CADE) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP decreased its holdings in Cadence Bank (NYSE:CADE) by 1.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,501,216 shares of the company’s stock after selling 140,953 shares during the period. Wellington Management Group LLP owned approximately 6.86% of Cadence Bank worth $430,667,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Cadence Bank by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company’s stock valued at $705,821,000 after buying an additional 191,717 shares in the last quarter. State Street Corp increased its position in Cadence Bank by 1.9% during the third quarter. State Street Corp now owns 8,872,085 shares of the company’s stock worth $284,759,000 after purchasing an additional 165,282 shares during the last quarter. Geode Capital Management LLC increased its position in Cadence Bank by 0.9% during the third 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. Charles Schwab Investment Management Inc. raised its stake in Cadence Bank by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company’s stock worth $77,678,000 after purchasing an additional 12,309 shares during the period. Finally, Vaughan Nelson Investment Management L.P. boosted its holdings in Cadence Bank by 7.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 2,234,733 shares of the company’s stock valued at $76,986,000 after purchasing an additional 151,215 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Stock Performance

Shares of Cadence Bank stock opened at $30.38 on Tuesday. The business has a 50-day simple moving average of $32.82 and a 200-day simple moving average of $34.04. Cadence Bank has a one year low of $26.16 and a one year high of $40.20. The company has a market cap of $5.54 billion, a PE ratio of 10.97 and a beta of 0.96.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share 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 previous year, the firm earned $0.40 EPS. On average, sell-side analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.62%. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, March 14th. Cadence Bank’s dividend payout ratio (DPR) is 39.71%.

Analyst Ratings Changes

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

About Cadence Bank

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.