BNP Paribas Financial Markets Makes New Investment in Cadence Bank (NYSE:CADE)

BNP Paribas Financial Markets bought a new stake in shares of Cadence Bank (NYSE:CADE - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 233,999 shares of the company's stock, valued at approximately $8,061,000. BNP Paribas Financial Markets owned approximately 0.13% of Cadence Bank at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in CADE. Vanguard Group Inc. boosted its position in shares of Cadence Bank by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company's stock worth $705,821,000 after purchasing an additional 191,717 shares in the last quarter. Northern Trust Corp raised its stake in Cadence Bank by 15.0% during the 4th quarter. Northern Trust Corp now owns 2,684,312 shares of the company's stock worth $92,475,000 after buying an additional 350,660 shares during the period. First Trust Advisors LP boosted its holdings 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 worth $90,753,000 after acquiring an additional 460,486 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Cadence Bank by 0.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company's stock valued at $77,678,000 after acquiring an additional 12,309 shares during the period. Finally, Vaughan Nelson Investment Management L.P. grew its stake in Cadence Bank by 7.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,234,733 shares of the company's stock valued at $76,986,000 after acquiring an additional 151,215 shares during the period. Institutional investors and hedge funds own 84.61% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CADE. Stephens reaffirmed an "overweight" rating and set a $40.00 target price on shares of Cadence Bank in a research report on Tuesday, April 22nd. DA Davidson decreased their price target on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Barclays dropped their price objective on shares of Cadence Bank from $44.00 to $38.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods lifted their price objective on shares of Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a report on Friday, May 9th. Finally, Piper Sandler lowered their target price on shares of Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Cadence Bank presently has a consensus rating of "Moderate Buy" and an average target price of $36.82.

Cadence Bank Stock Down 0.7%

Cadence Bank stock traded down $0.21 during midday trading on Thursday, hitting $32.00. 931,172 shares of the stock were exchanged, compared to its average volume of 1,288,750. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20. The business's 50-day moving average price is $29.35 and its 200-day moving average price is $33.27. The stock has a market capitalization of $5.83 billion, a price-to-earnings ratio of 11.55 and a beta of 0.84.

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

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

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a yield of 3.44%. Cadence Bank's dividend payout ratio (DPR) is currently 38.60%.

Cadence Bank 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.