Howard Financial Services LTD. Trims Holdings in Cadence Bank (NYSE:CADE)

Howard Financial Services LTD. reduced its stake in Cadence Bank (NYSE:CADE) by 16.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,090 shares of the company’s stock after selling 5,000 shares during the quarter. Howard Financial Services LTD.’s holdings in Cadence Bank were worth $864,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in 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 acquiring an additional 39,679 shares during the last quarter. Cerity Partners LLC increased its stake in Cadence Bank by 31.2% during the 3rd quarter. Cerity Partners LLC now owns 64,377 shares of the company’s stock worth $2,050,000 after buying an additional 15,312 shares during the period. Stifel Financial Corp raised its position 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 purchasing an additional 3,218 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Cadence Bank by 16.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock valued at $66,360,000 after purchasing an additional 291,885 shares in the last quarter. Finally, Franklin Resources Inc. purchased a new stake in shares of Cadence Bank during the 3rd quarter worth $947,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Stock Performance

NYSE CADE opened at $35.65 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. Cadence Bank has a 12-month low of $24.99 and a 12-month high of $40.20. The stock has a market capitalization of $6.50 billion, a price-to-earnings ratio of 10.24 and a beta of 1.00. The business’s 50 day moving average is $36.29 and its two-hundred day moving average is $33.27.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The business had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. During the same quarter last year, the firm posted $0.56 EPS. The business’s revenue was up 11.0% compared to the same quarter last year. Research analysts expect that Cadence Bank will post 2.71 EPS for the current year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend was Friday, December 13th. Cadence Bank’s payout ratio is currently 28.74%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Truist Financial upped their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $41.00 to $44.00 in a report on Thursday, December 19th. 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 report on Wednesday, December 4th. Royal Bank of Canada lifted their target price on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd. Finally, Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $36.00 to $39.00 in a research report on Monday, September 30th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.32.

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.