Northern Trust Corp Boosts Position in Cadence Bank (NYSE:CADE)

Northern Trust Corp increased its position in Cadence Bank (NYSE:CADE - Free Report) by 15.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,684,312 shares of the company's stock after acquiring an additional 350,660 shares during the period. Northern Trust Corp owned about 1.47% of Cadence Bank worth $92,475,000 at the end of the most recent reporting period.

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

Cadence Bank Trading Up 2.5 %

Shares of NYSE:CADE traded up $0.75 during trading on Thursday, reaching $30.78. The company's stock had a trading volume of 750,199 shares, compared to its average volume of 1,293,054. The firm's 50 day simple moving average is $29.30 and its two-hundred day simple moving average is $33.33. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20. The stock has a market capitalization of $5.61 billion, a PE ratio of 11.11 and a beta of 0.84.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly 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 quarter in the prior year, the firm posted $0.62 EPS. Research analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

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

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date is Friday, June 13th. Cadence Bank's dividend payout ratio (DPR) is currently 38.60%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Hovde Group raised their price objective on shares of Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. DA Davidson lowered their price objective 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. Morgan Stanley cut their target price on Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Royal Bank of Canada lowered their price target on Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. Finally, Barclays cut their price objective on shares of Cadence Bank from $44.00 to $38.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $37.27.

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.