Voya Investment Management LLC Has $5.64 Million Stock Position in Cadence Bank (NYSE:CADE)

Voya Investment Management LLC boosted its holdings in Cadence Bank (NYSE:CADE - Free Report) by 17.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 163,697 shares of the company's stock after buying an additional 24,704 shares during the period. Voya Investment Management LLC owned 0.09% of Cadence Bank worth $5,639,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Cadence Bank during the fourth quarter valued at about $71,915,000. Boston Partners bought a new stake in Cadence Bank during the fourth quarter valued at $24,834,000. First Trust Advisors LP raised its stake in Cadence Bank by 21.2% during 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 during the period. Raymond James Financial Inc. acquired a new stake in shares of Cadence Bank during the 4th quarter worth approximately $13,225,000. Finally, Barclays PLC grew its position in shares of Cadence Bank by 70.9% during the fourth quarter. Barclays PLC now owns 754,950 shares of the company's stock worth $26,007,000 after acquiring an additional 313,281 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Stock Performance

Shares of Cadence Bank stock traded up $0.62 during midday trading on Friday, reaching $30.31. 832,722 shares of the company's stock traded hands, compared to its average volume of 1,294,367. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20. The company's 50 day simple moving average is $29.46 and its 200 day simple moving average is $33.39. The company has a market cap of $5.52 billion, a price-to-earnings ratio of 10.94 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 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.07. The company had revenue of $448.55 million for the quarter, compared to analyst estimates 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 last year, the company earned $0.62 earnings per share. As a group, equities research analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

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

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given 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 3.63%. Cadence Bank's payout ratio is currently 38.60%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Piper Sandler lowered their price objective on shares of Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 23rd. Stephens reiterated an "overweight" rating and set a $40.00 price target on shares of Cadence Bank in a research report on Tuesday, April 22nd. Morgan Stanley cut their price objective on Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. DA Davidson lowered their target price on Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Finally, Hovde Group upped their price target on shares of Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Cadence Bank has a consensus rating of "Moderate Buy" and an average price target of $37.27.

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.