Algert Global LLC Grows Position in Cadence Bank (NYSE:CADE)

Algert Global LLC grew its position in Cadence Bank (NYSE:CADE - Free Report) by 339.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 83,163 shares of the company's stock after buying an additional 64,243 shares during the period. Algert Global LLC's holdings in Cadence Bank were worth $2,865,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Brooklyn Investment Group acquired a new position in shares of Cadence Bank during the fourth quarter worth about $26,000. Mather Group LLC. raised its holdings in shares of Cadence Bank by 716.2% in the fourth quarter. Mather Group LLC. now owns 808 shares of the company's stock valued at $28,000 after purchasing an additional 709 shares during the last quarter. Keystone Financial Group Inc. bought a new stake in shares of Cadence Bank in the fourth quarter worth $31,000. Smartleaf Asset Management LLC boosted its holdings in Cadence Bank by 163.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company's stock worth $40,000 after purchasing an additional 722 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its stake in Cadence Bank by 504.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company's stock valued at $59,000 after buying an additional 1,434 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company's stock.

Cadence Bank Price Performance

Shares of NYSE CADE remained flat at $30.75 during trading on Friday. 871,006 shares of the stock traded hands, compared to its average volume of 1,292,521. The company's 50 day moving average price is $29.26 and its two-hundred day moving average price is $33.29. The firm has a market capitalization of $5.60 billion, a P/E ratio of 11.10 and a beta of 0.84. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings data on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.64 by $0.07. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. The business had revenue of $448.55 million during the quarter, compared to the consensus estimate of $451.61 million. During the same quarter last year, the company posted $0.62 earnings per share. On average, research analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank announced that its board has authorized a stock repurchase plan on Friday, April 25th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Cadence Bank Announces Dividend

The business 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 $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date is Friday, June 13th. Cadence Bank's payout ratio is currently 38.60%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Royal Bank of Canada cut their price target on shares of 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. DA Davidson lowered their price target on Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Piper Sandler cut their price objective on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Keefe, Bruyette & Woods boosted their target price on Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Friday. Finally, Stephens restated an "overweight" rating and issued a $40.00 price target on shares of Cadence Bank in a research note on Tuesday, April 22nd. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, Cadence Bank currently has an average rating of "Moderate Buy" and an average price target of $36.82.

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.