Integrated Wealth Concepts LLC Has $220,000 Holdings in Cadence Bank (NYSE:CADE)

Integrated Wealth Concepts LLC decreased its position in Cadence Bank (NYSE:CADE) by 31.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 6,398 shares of the company’s stock after selling 2,869 shares during the period. Integrated Wealth Concepts LLC’s holdings in Cadence Bank were worth $220,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Cadence Bank by 10.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 128,885 shares of the company’s stock valued at $4,441,000 after buying an additional 12,427 shares in the last quarter. Pinebridge Investments L.P. grew its stake in Cadence Bank by 42.7% during the 4th quarter. Pinebridge Investments L.P. now owns 69,555 shares of the company’s stock valued at $2,396,000 after acquiring an additional 20,809 shares in the last quarter. Harvest Investment Services LLC acquired a new position in shares of Cadence Bank in the 4th quarter valued at about $677,000. Tower Research Capital LLC TRC lifted its position in shares of Cadence Bank by 64.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 21,078 shares of the company’s stock worth $726,000 after purchasing an additional 8,254 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in shares of Cadence Bank by 7.6% during the fourth quarter. MetLife Investment Management LLC now owns 209,589 shares of the company’s stock worth $7,220,000 after purchasing an additional 14,780 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CADE shares. Barclays cut their target price 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. Piper Sandler reduced their price objective on Cadence Bank from $38.00 to $36.00 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd. Hovde Group upped their target price on Cadence Bank from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. DA Davidson lowered their price target on Cadence Bank from $42.00 to $37.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Finally, Morgan Stanley cut their price objective on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Cadence Bank presently has an average rating of “Moderate Buy” and a consensus price target of $37.27.

Cadence Bank Trading Down 0.1 %

Shares of Cadence Bank stock opened at $30.25 on Tuesday. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20. The firm has a fifty day simple moving average of $29.42 and a 200-day simple moving average of $33.37. The stock has a market capitalization of $5.51 billion, a price-to-earnings ratio of 10.92 and a beta of 0.84.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.07. The company had revenue of $448.55 million during the quarter, compared to analysts’ expectations of $451.61 million. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same period in the prior year, the company earned $0.62 earnings per share. As a group, research analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank announced that its Board of Directors has initiated a stock repurchase program on Friday, April 25th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.64%. The ex-dividend date is Friday, June 13th. Cadence Bank’s dividend payout ratio is currently 38.60%.

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.