Bayforest Capital Ltd Purchases Shares of 19,719 Cadence Bank $CADE

Key Points

• Bayforest Capital Ltd acquired 19,719 shares of Cadence Bank, valued at approximately $599,000, during the first quarter.
• Cadence Bank reported a quarterly EPS of $0.73, surpassing analyst estimates, alongside a revenue of $476.32 million.
• The company has received several price target upgrades from analysts, with the consensus price target currently set at $40.40.

Bayforest Capital Ltd bought a new stake in shares of Cadence Bank (NYSE:CADE - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 19,719 shares of the company's stock, valued at approximately $599,000.

Several other institutional investors have also made changes to their positions in CADE. Lazard Asset Management LLC boosted its position in shares of Cadence Bank by 34.2% during the 4th quarter. Lazard Asset Management LLC now owns 42,439 shares of the company's stock valued at $1,461,000 after acquiring an additional 10,811 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Cadence Bank by 8.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 157,619 shares of the company's stock valued at $5,430,000 after purchasing an additional 12,792 shares during the last quarter. Millennium Management LLC lifted its holdings in Cadence Bank by 846.1% during the 4th quarter. Millennium Management LLC now owns 1,052,906 shares of the company's stock valued at $36,273,000 after purchasing an additional 941,613 shares during the last quarter. Nomura Holdings Inc. bought a new position in Cadence Bank during the 4th quarter valued at about $835,000. Finally, State of Wyoming lifted its holdings in Cadence Bank by 172.4% during the 4th quarter. State of Wyoming now owns 2,359 shares of the company's stock valued at $81,000 after purchasing an additional 1,493 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CADE has been the subject of several analyst reports. Royal Bank Of Canada lifted their price target on shares of Cadence Bank from $34.00 to $37.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Barclays reissued an "overweight" rating and set a $41.00 price target (up from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. DA Davidson boosted their target price on shares of Cadence Bank from $37.00 to $42.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Hovde Group boosted their target price on shares of Cadence Bank from $34.00 to $40.00 and gave the stock a "market perform" rating in a research note on Monday, July 28th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Seven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.40.

Cadence Bank Stock Down 1.3%

CADE traded down $0.49 during trading hours on Monday, hitting $36.94. 542,851 shares of the company's stock were exchanged, compared to its average volume of 1,494,787. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20. The stock's 50-day moving average is $35.90 and its two-hundred day moving average is $32.21. The stock has a market cap of $6.73 billion, a price-to-earnings ratio of 13.15 and a beta of 0.91. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.69 by $0.04. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. The business had revenue of $476.32 million during the quarter, compared to analysts' expectations of $467.60 million. During the same quarter in the prior year, the company posted $0.73 earnings per share. Sell-side analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.275 per share. The ex-dividend date is Monday, September 15th. This represents a $1.10 annualized dividend and a yield of 3.0%. Cadence Bank's dividend payout ratio is presently 39.15%.

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.