Hsbc Holdings PLC Sells 39,009 Shares of Cadence Bank $CADE

HSBC Holdings PLC sold 39,009 shares of Cadence Bank, reducing its stake by 13.2% in Q2. Cadence Bank's stock opened at $41.84, with a 12-month high of $41.88. Analysts have downgraded the stock to 'Hold' with a target price of $42.33. Cadence Bank reported Q3 earnings of $0.81 per share, beating estimates. The dividend yield is 2.6%.

Hsbc Holdings PLC decreased its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 13.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 255,763 shares of the company's stock after selling 39,009 shares during the quarter. Hsbc Holdings PLC owned approximately 0.14% of Cadence Bank worth $8,226,000 at the end of the most recent quarter.

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Other institutional investors have also recently made changes to their positions in the company. FNY Investment Advisers LLC purchased a new stake in Cadence Bank in the second quarter worth about $25,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Cadence Bank during the 1st quarter valued at about $40,000. Nomura Asset Management Co. Ltd. raised its holdings in shares of Cadence Bank by 47.2% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 1,870 shares of the company's stock valued at $60,000 after purchasing an additional 600 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of Cadence Bank in the 2nd quarter valued at about $65,000. Finally, Americana Partners LLC purchased a new stake in shares of Cadence Bank in the 2nd quarter worth approximately $201,000. Hedge funds and other institutional investors own 84.61% of the company's stock.

Cadence Bank Trading Up 3.3%

Shares of CADE stock opened at $41.84 on Thursday. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $41.88. The business's fifty day simple moving average is $38.12 and its 200-day simple moving average is $35.58. The company has a market cap of $7.62 billion, a PE ratio of 15.16 and a beta of 0.97.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings data on Monday, October 20th. The company reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.04. Cadence Bank had a return on equity of 9.97% and a net margin of 18.15%.The firm had revenue of $517.24 million during the quarter, compared to analysts' expectations of $523.60 million. During the same quarter last year, the firm earned $0.73 EPS. On average, equities analysts forecast that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be paid a dividend of $0.275 per share. The ex-dividend date is Monday, December 15th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.6%. Cadence Bank's payout ratio is presently 39.86%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CADE. Weiss Ratings reissued a "hold (c+)" rating on shares of Cadence Bank in a report on Wednesday, October 8th. Barclays cut Cadence Bank from an "overweight" rating to a "hold" rating in a research report on Tuesday, October 28th. Stephens lowered Cadence Bank from an "overweight" rating to an "equal weight" rating in a research report on Tuesday, October 28th. Zacks Research cut Cadence Bank from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. Finally, Keefe, Bruyette & Woods downgraded Cadence Bank from a "moderate buy" rating to a "hold" rating and raised their price objective for the company from $41.00 to $49.00 in a research report on Monday, November 3rd. Two investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $42.33.

Check Out Our Latest Analysis on CADE

Cadence Bank Company Profile

(Free Report)

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.

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