ProShare Advisors LLC Sells 34,069 Shares of Cadence Bank $CADE

ProShare Advisors LLC decreased its holdings in shares of Cadence Bank (NYSE:CADE) by 14.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 204,485 shares of the company’s stock after selling 34,069 shares during the period. ProShare Advisors LLC’s holdings in Cadence Bank were worth $7,676,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FNY Investment Advisers LLC bought a new position in Cadence Bank in the 2nd quarter worth $25,000. Mather Group LLC. purchased a new stake in Cadence Bank in the third quarter worth about $26,000. Wilmington Savings Fund Society FSB bought a new position in shares of Cadence Bank in the third quarter worth about $38,000. Cullen Frost Bankers Inc. purchased a new position in shares of Cadence Bank during the 3rd quarter valued at about $39,000. Finally, Osaic Holdings Inc. grew its stake in shares of Cadence Bank by 24.4% during the 2nd quarter. Osaic Holdings Inc. now owns 1,442 shares of the company’s stock valued at $46,000 after acquiring an additional 283 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Price Performance

CADE stock opened at $42.14 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.86 and a current ratio of 0.86. The company’s fifty day moving average price is $43.35 and its 200-day moving average price is $39.43. Cadence Bank has a one year low of $25.22 and a one year high of $46.74. The company has a market capitalization of $7.68 billion, a PE ratio of 14.94 and a beta of 0.95.

Cadence Bank (NYSE:CADE) last posted its earnings results on Thursday, January 22nd. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.06. The company had revenue of $528.41 million during the quarter, compared to analysts’ expectations of $525.15 million. Cadence Bank had a net margin of 18.12% and a return on equity of 10.16%. During the same period last year, the company posted $0.70 earnings per share. On average, equities analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Friday, January 30th will be given a $0.3438 dividend. This is an increase from Cadence Bank’s previous quarterly dividend of $0.28. This represents a $1.38 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Friday, January 30th. Cadence Bank’s dividend payout ratio (DPR) is presently 39.01%.

Analyst Upgrades and Downgrades

A number of research firms have commented on CADE. Stephens cut shares of Cadence Bank from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, October 28th. Keefe, Bruyette & Woods cut shares of Cadence Bank from a “moderate buy” rating to a “hold” rating and increased their price objective for the stock from $41.00 to $49.00 in a research note on Monday, November 3rd. Barclays cut shares of Cadence Bank from an “overweight” rating to a “hold” rating in a research note on Tuesday, October 28th. Royal Bank Of Canada raised shares of Cadence Bank from a “hold” rating to a “moderate buy” rating in a report on Monday, October 27th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Cadence Bank in a report on Wednesday, January 21st. Two equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $42.88.

About Cadence Bank

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.