Jupiter Asset Management Ltd. lessened its position in Cadence Bancorporation (NYSE:CADE) by 70.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 527,360 shares of the company’s stock after selling 1,281,680 shares during the period. Jupiter Asset Management Ltd. owned about 0.42% of Cadence Bancorporation worth $10,932,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of CADE. FMR LLC lifted its position in Cadence Bancorporation by 5.1% during the 1st quarter. FMR LLC now owns 2,703,959 shares of the company’s stock worth $50,158,000 after buying an additional 131,997 shares in the last quarter. Amundi Pioneer Asset Management Inc. acquired a new position in Cadence Bancorporation during the 1st quarter worth about $3,290,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Cadence Bancorporation by 23.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,783 shares of the company’s stock worth $243,000 after purchasing an additional 2,779 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Cadence Bancorporation by 29.9% during the 4th quarter. Victory Capital Management Inc. now owns 62,290 shares of the company’s stock worth $1,023,000 after purchasing an additional 14,345 shares during the last quarter. Finally, CM Management LLC bought a new stake in Cadence Bancorporation during the 4th quarter worth about $1,478,000. Institutional investors own 91.50% of the company’s stock.
In related news, Director Joseph W. Evans sold 21,500 shares of the stock in a transaction that occurred on Friday, June 4th. The stock was sold at an average price of $22.41, for a total transaction of $481,815.00. Following the completion of the sale, the director now directly owns 309,229 shares of the company’s stock, valued at approximately $6,929,821.89. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director J Thomas Wiley, Jr. sold 45,229 shares of the company’s stock in a transaction that occurred on Friday, May 14th. The stock was sold at an average price of $22.78, for a total value of $1,030,316.62. Following the transaction, the director now directly owns 77,560 shares of the company’s stock, valued at approximately $1,766,816.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 126,229 shares of company stock valued at $2,871,867. 2.21% of the stock is owned by company insiders.
Cadence Bancorporation (NYSE:CADE) last posted its earnings results on Wednesday, April 21st. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.36. Cadence Bancorporation had a return on equity of 8.14% and a net margin of 30.35%. The business had revenue of $186.40 million during the quarter, compared to analysts’ expectations of $180.85 million. During the same period in the prior year, the business earned $0.10 EPS. Cadence Bancorporation’s revenue for the quarter was down 1.1% compared to the same quarter last year. Analysts anticipate that Cadence Bancorporation will post 2.23 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, May 14th. Investors of record on Friday, May 7th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, May 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.76%. Cadence Bancorporation’s payout ratio is 81.08%.
Several analysts have weighed in on CADE shares. Zacks Investment Research cut Cadence Bancorporation from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 6th. Truist Securities reissued a “hold” rating on shares of Cadence Bancorporation in a report on Monday, April 19th. Raymond James raised Cadence Bancorporation from a “market perform” rating to an “outperform” rating and set a $26.00 price objective for the company in a report on Friday, May 14th. Morgan Stanley boosted their price objective on Cadence Bancorporation from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Thursday, March 18th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $25.00 price target (up from $24.00) on shares of Cadence Bancorporation in a research note on Monday, April 19th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. Cadence Bancorporation has a consensus rating of “Hold” and a consensus target price of $21.14.
Cadence Bancorporation Company Profile
Cadence Bancorporation, a financial holding company, through its subsidiary, Cadence Bank, National Association that provides banking and wealth management services to businesses, high net worth individuals, business owners, and retail customers. It operates through Banking and Financial Services segments.
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