Summit Investment Advisors Inc. Sells 597 Shares of Cadence Bank (NYSE:CADE)

Summit Investment Advisors Inc. lessened its position in Cadence Bank (NYSE:CADE) by 1.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 55,287 shares of the company’s stock after selling 597 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Cadence Bank were worth $1,905,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC raised its holdings in shares of Cadence Bank by 0.9% in the third quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock valued at $138,974,000 after purchasing an additional 39,679 shares during the last quarter. Stifel Financial Corp increased its stake in Cadence Bank by 18.1% in the 3rd quarter. Stifel Financial Corp now owns 21,034 shares of the company’s stock valued at $670,000 after buying an additional 3,218 shares during the last quarter. Victory Capital Management Inc. lifted its position in 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 in the last quarter. Franklin Resources Inc. acquired a new position in shares of Cadence Bank during the 3rd quarter worth about $947,000. Finally, Charles Schwab Investment Management Inc. grew its holdings 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 in the last quarter. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Performance

Shares of CADE opened at $28.06 on Wednesday. The firm has a market cap of $5.11 billion, a P/E ratio of 10.13 and a beta of 0.87. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20. The firm’s 50-day simple moving average is $30.89 and its 200 day simple moving average is $33.65.

Cadence Bank (NYSE:CADE) last posted its earnings results on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, beating the consensus estimate 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 business earned $0.40 EPS. As a group, equities analysts forecast that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.92%. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio (DPR) is currently 39.71%.

Analyst Ratings Changes

CADE has been the subject of several recent research reports. Morgan Stanley reduced their price target 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 issued a $42.00 target price on shares of Cadence Bank in a research note on Thursday, January 23rd. Citigroup boosted their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Hovde Group cut their price target on shares of Cadence Bank from $40.00 to $35.00 and set a “market perform” rating for the company in a research note on Wednesday, April 2nd. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $38.00 price objective on shares of Cadence Bank in a research note on Friday, January 24th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Bank has an average rating of “Moderate Buy” and a consensus target price of $38.09.

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.