Bank of America Corp DE Sells 62,407 Shares of Cadence Bancorporation (NYSE:CADE)

Bank of America Corp DE reduced its position in Cadence Bancorporation (NYSE:CADE) by 11.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 469,155 shares of the company’s stock after selling 62,407 shares during the quarter. Bank of America Corp DE owned about 0.38% of Cadence Bancorporation worth $9,796,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in CADE. Lazard Asset Management LLC acquired a new stake in shares of Cadence Bancorporation in the 2nd quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Cadence Bancorporation in the 2nd quarter valued at approximately $42,000. Meeder Asset Management Inc. boosted its stake in shares of Cadence Bancorporation by 86.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 6,186 shares of the company’s stock valued at $129,000 after purchasing an additional 2,868 shares in the last quarter. Federated Hermes Inc. acquired a new stake in shares of Cadence Bancorporation in the 2nd quarter valued at approximately $143,000. Finally, OTA Financial Group L.P. acquired a new stake in shares of Cadence Bancorporation in the 2nd quarter valued at approximately $242,000. 91.97% of the stock is currently owned by hedge funds and other institutional investors.

CADE has been the topic of several recent research reports. Piper Sandler upgraded shares of Cadence Bancorporation from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $34.00 to $40.00 in a research report on Thursday, November 4th. Raymond James upgraded shares of Cadence Bancorporation from an “outperform” rating to a “strong-buy” rating and set a $26.00 target price on the stock in a research report on Tuesday, August 31st. Zacks Investment Research downgraded shares of Cadence Bancorporation from a “hold” rating to a “sell” rating in a research report on Wednesday, November 3rd. Finally, Truist initiated coverage on shares of Cadence Bancorporation in a research report on Monday, November 1st. They set a “buy” rating and a $35.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Cadence Bancorporation currently has an average rating of “Hold” and an average target price of $28.29.

NYSE CADE opened at $31.41 on Thursday. Cadence Bancorporation has a 1 year low of $28.73 and a 1 year high of $32.12. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.66 and a quick ratio of 0.65. The firm has a market cap of $3.41 billion, a price-to-earnings ratio of 11.38 and a beta of 1.16. The company has a fifty day moving average price of $25.32 and a 200-day moving average price of $22.47.

Cadence Bancorporation (NYSE:CADE) last posted its earnings results on Sunday, October 24th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.17. Cadence Bancorporation had a net margin of 26.11% and a return on equity of 11.41%. The firm had revenue of $182.48 million during the quarter, compared to analyst estimates of $180.26 million. During the same quarter in the prior year, the business posted $0.40 EPS. The business’s revenue was down 2.5% compared to the same quarter last year. On average, research analysts anticipate that Cadence Bancorporation will post 2.18 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, January 3rd. Investors of record on Wednesday, December 15th will be issued a $0.20 dividend. This is an increase from Cadence Bancorporation’s previous quarterly dividend of $0.16. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date is Tuesday, December 14th. Cadence Bancorporation’s payout ratio is 28.99%.

About Cadence Bancorporation

Cadence Bancorp. is a bank holding company, which engages in the provision of corporations, middle-market companies, small businesses, and consumers with banking and financial solutions through its subsidiary, Cadence Bank NA. It operates through the following segments: Banking, Financial Services, and Corporate.

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Institutional Ownership by Quarter for Cadence Bancorporation (NYSE:CADE)

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