Rafferty Asset Management LLC Sells 32,695 Shares of Cadence Bank (NYSE:CADE)

Rafferty Asset Management LLC decreased its stake in Cadence Bank (NYSE:CADE - Free Report) by 11.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 259,909 shares of the company's stock after selling 32,695 shares during the period. Rafferty Asset Management LLC owned 0.14% of Cadence Bank worth $8,954,000 as of its most recent filing with the SEC.

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

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wall Street Zen raised shares of Cadence Bank from a "sell" rating to a "hold" rating in a research report on Thursday. Citigroup lifted their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the company a "neutral" rating in a research note on Monday, January 27th. Stephens reissued an "overweight" rating and set a $40.00 target price on shares of Cadence Bank in a report on Tuesday, April 22nd. Hovde Group increased their target price on Cadence Bank from $32.00 to $34.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Finally, Barclays reduced their price target 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. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Cadence Bank currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.82.

Cadence Bank Trading Up 0.7%

Shares of Cadence Bank stock traded up $0.20 during trading on Thursday, hitting $30.62. The stock had a trading volume of 291,905 shares, compared to its average volume of 1,292,166. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20. The firm has a market cap of $5.58 billion, a price-to-earnings ratio of 11.06 and a beta of 0.84. The business's 50-day moving average is $29.56 and its 200 day moving average is $33.19.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its earnings results on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $451.61 million. During the same period in the prior year, the company earned $0.62 EPS. As a group, equities analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank's dividend payout ratio (DPR) is currently 38.60%.

Cadence Bank declared that its Board of Directors has initiated a stock repurchase program on Friday, April 25th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are undervalued.

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.