NorthCrest Asset Manangement LLC Takes Position in Cadence Bank (NYSE:CADE)

NorthCrest Asset Manangement LLC purchased a new stake in Cadence Bank (NYSE:CADE) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 27,851 shares of the company’s stock, valued at approximately $846,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CADE. Norges Bank acquired a new position in Cadence Bank in the fourth quarter valued at about $71,915,000. Millennium Management LLC raised its stake in Cadence Bank by 846.1% in the fourth quarter. Millennium Management LLC now owns 1,052,906 shares of the company’s stock valued at $36,273,000 after purchasing an additional 941,613 shares in the last quarter. Boston Partners acquired a new position in Cadence Bank in the fourth quarter valued at about $24,834,000. First Trust Advisors LP raised its stake in Cadence Bank by 21.2% in the fourth quarter. First Trust Advisors LP now owns 2,634,335 shares of the company’s stock valued at $90,753,000 after purchasing an additional 460,486 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Cadence Bank in the fourth quarter valued at about $13,225,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on CADE shares. Royal Bank of Canada dropped their price target on Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 23rd. Piper Sandler dropped their price target on Cadence Bank from $38.00 to $36.00 and set a “neutral” rating for the company in a research note on Wednesday, April 23rd. DA Davidson dropped 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. Stephens reissued an “overweight” rating and set a $40.00 target price on shares of Cadence Bank in a research note on Tuesday, April 22nd. Finally, Barclays lowered their target price on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.82.

Cadence Bank Trading Down 3.8%

NYSE:CADE opened at $29.97 on Friday. The stock has a market cap of $5.46 billion, a P/E ratio of 10.82 and a beta of 0.84. The stock’s 50-day moving average is $29.87 and its 200-day moving average is $32.32. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20.

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

Cadence Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.67%. The ex-dividend date is Friday, June 13th. Cadence Bank’s dividend payout ratio (DPR) is currently 38.60%.

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

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.