Beacon Pointe Advisors LLC Grows Position in Cadence Bank (NYSE:CADE)

Beacon Pointe Advisors LLC increased its position in Cadence Bank (NYSE:CADE - Free Report) by 262.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,845 shares of the company's stock after buying an additional 16,545 shares during the quarter. Beacon Pointe Advisors LLC's holdings in Cadence Bank were worth $787,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Oregon Public Employees Retirement Fund grew its position in shares of Cadence Bank by 0.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 37,274 shares of the company's stock worth $1,284,000 after buying an additional 300 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Cadence Bank by 19.3% in the fourth quarter. GAMMA Investing LLC now owns 1,862 shares of the company's stock valued at $64,000 after acquiring an additional 301 shares in the last quarter. Ironwood Investment Management LLC increased its position in Cadence Bank by 1.2% during the 4th quarter. Ironwood Investment Management LLC now owns 30,170 shares of the company's stock valued at $1,039,000 after purchasing an additional 354 shares during the period. Arizona State Retirement System raised its holdings in Cadence Bank by 0.8% in the 4th quarter. Arizona State Retirement System now owns 53,034 shares of the company's stock worth $1,827,000 after purchasing an additional 415 shares in the last quarter. Finally, Sit Investment Associates Inc. lifted its position in shares of Cadence Bank by 2.4% in the 4th quarter. Sit Investment Associates Inc. now owns 25,750 shares of the company's stock worth $887,000 after purchasing an additional 600 shares during the period. Hedge funds and other institutional investors own 84.61% of the company's stock.

Cadence Bank Stock Down 1.1 %

Shares of NYSE CADE traded down $0.34 during midday trading on Tuesday, hitting $29.92. The stock had a trading volume of 580,655 shares, compared to its average volume of 1,289,745. The company has a market cap of $5.45 billion, a P/E ratio of 10.80 and a beta of 0.84. The business's 50 day moving average is $29.42 and its 200-day moving average is $33.37. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its earnings results on Monday, April 21st. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.64 by $0.07. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. The business had revenue of $448.55 million for the quarter, compared to the consensus estimate of $451.61 million. During the same period last year, the business posted $0.62 EPS. As a group, analysts expect that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank declared that its Board of Directors has authorized a share buyback plan on Friday, April 25th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its shares are 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 paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.68%. Cadence Bank's dividend payout ratio is presently 38.60%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Citigroup upped their target price on Cadence Bank from $37.00 to $38.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. Piper Sandler reduced their price target on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 23rd. Barclays lowered their price objective on Cadence Bank from $44.00 to $38.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. DA Davidson reduced their target price on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Finally, Royal Bank of Canada decreased 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. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.27.

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.