Shelton Capital Management Sells 557 Shares of Cadence Bank (NYSE:CADE)

Shelton Capital Management cut its position in Cadence Bank (NYSE:CADE) by 7.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,885 shares of the company’s stock after selling 557 shares during the period. Shelton Capital Management’s holdings in Cadence Bank were worth $237,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in Cadence Bank in the 4th quarter worth approximately $71,915,000. Boston Partners bought a new stake in shares of Cadence Bank during the fourth quarter valued at approximately $24,834,000. Raymond James Financial Inc. purchased a new position in shares of Cadence Bank in the fourth quarter worth $13,225,000. Fisher Asset Management LLC boosted its position in shares of Cadence Bank by 19.0% during the fourth quarter. Fisher Asset Management LLC now owns 1,655,847 shares of the company’s stock worth $57,044,000 after acquiring an additional 264,691 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Cadence Bank by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company’s stock valued at $705,821,000 after acquiring an additional 191,717 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on CADE. Royal Bank of Canada reiterated a “sector perform” rating and issued a $38.00 price target on shares of Cadence Bank in a research note on Friday, January 24th. Hovde Group decreased their target price on Cadence Bank from $40.00 to $35.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 2nd. Morgan Stanley cut their price target on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Stephens reaffirmed an “overweight” rating and set a $42.00 price objective on shares of Cadence Bank in a report on Thursday, January 23rd. Finally, 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 report on Tuesday. Five 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, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.09.

Cadence Bank Stock Up 0.9 %

Shares of CADE opened at $27.21 on Friday. The business has a fifty day moving average of $31.19 and a 200 day moving average of $33.70. The company has a market cap of $4.96 billion, a PE ratio of 9.82 and a beta of 0.87. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20.

Cadence Bank (NYSE:CADE) last announced its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.02. 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 $0.40 EPS. As a group, research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a $0.275 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.10 annualized dividend and a yield of 4.04%. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio (DPR) is presently 39.71%.

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.