BNP Paribas Financial Markets Buys New Stake in Cadence Bank (NYSE:CADE)

BNP Paribas Financial Markets bought a new stake in shares of Cadence Bank (NYSE:CADE - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & 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 about 0.13% of Cadence Bank at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Cadence Bank by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company's stock valued at $705,821,000 after purchasing an additional 191,717 shares during the last quarter. Northern Trust Corp lifted its position in shares of Cadence Bank by 15.0% in the 4th quarter. Northern Trust Corp now owns 2,684,312 shares of the company's stock valued at $92,475,000 after acquiring an additional 350,660 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Cadence Bank by 21.2% in the 4th quarter. First Trust Advisors LP now owns 2,634,335 shares of the company's stock valued at $90,753,000 after acquiring an additional 460,486 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Cadence Bank by 0.5% in the 4th 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 in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its position in shares of Cadence Bank by 7.3% in the 4th 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 in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CADE. Citigroup upped their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a "neutral" rating in a research report on Monday, January 27th. Piper Sandler reduced their price target on shares of Cadence Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Royal Bank of Canada reduced 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 report on Wednesday, April 23rd. Morgan Stanley reduced their price target on shares of Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Finally, Hovde Group upped their price objective on shares of Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $36.82.

Cadence Bank Price Performance

Cadence Bank stock traded down $0.20 during trading hours on Friday, hitting $31.83. The company had a trading volume of 1,317,683 shares, compared to its average volume of 1,291,182. The firm has a market capitalization of $5.80 billion, a P/E ratio of 11.49 and a beta of 0.84. The firm's fifty day moving average is $29.46 and its 200-day moving average is $33.23. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly 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. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. The company had revenue of $448.55 million for the quarter, compared to analyst estimates of $451.61 million. During the same quarter in the prior year, the business posted $0.62 EPS. Analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank declared that its Board of Directors has approved a stock buyback program on Friday, April 25th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership 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. Stockholders of record on Friday, June 13th will be paid a dividend of $0.275 per share. The ex-dividend date is Friday, June 13th. This represents a $1.10 annualized dividend and a dividend yield of 3.46%. Cadence Bank's dividend payout ratio (DPR) is 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.