30,823 Shares in Cadence Bank (NYSE:CADE) Purchased by Convergence Investment Partners LLC

Convergence Investment Partners LLC acquired a new position in Cadence Bank (NYSE:CADE - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 30,823 shares of the company's stock, valued at approximately $936,000.

A number of other hedge funds also recently made changes to their positions in CADE. Vanguard Group Inc. increased its holdings in shares of Cadence Bank by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company's stock valued at $705,821,000 after acquiring an additional 191,717 shares during the period. Northern Trust Corp raised its stake in shares of Cadence Bank by 15.0% during the 4th quarter. Northern Trust Corp now owns 2,684,312 shares of the company's stock valued at $92,475,000 after buying an additional 350,660 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Cadence Bank by 21.2% during the 4th quarter. First Trust Advisors LP now owns 2,634,335 shares of the company's stock valued at $90,753,000 after buying an additional 460,486 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in shares of Cadence Bank by 8.1% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 2,416,198 shares of the company's stock valued at $73,356,000 after purchasing an additional 181,465 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Cadence Bank in the 4th quarter valued at about $71,915,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CADE has been the topic of several research analyst reports. Royal Bank Of Canada lifted their price objective on Cadence Bank from $34.00 to $37.00 and gave the stock a "sector perform" rating in a report on Friday. DA Davidson decreased their price objective on Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Stephens reiterated an "overweight" rating and issued a $40.00 price objective on shares of Cadence Bank in a report on Tuesday, April 22nd. Barclays reiterated an "overweight" rating and issued a $41.00 price objective (up from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Finally, Wall Street Zen cut Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Bank has a consensus rating of "Moderate Buy" and an average price target of $38.90.

Cadence Bank Stock Up 4.0%

NYSE:CADE traded up $1.40 during trading hours on Friday, hitting $36.44. The company's stock had a trading volume of 2,885,756 shares, compared to its average volume of 1,960,756. The stock has a market capitalization of $6.64 billion, a P/E ratio of 12.97 and a beta of 0.84. The stock has a fifty day moving average of $32.35 and a 200-day moving average of $31.87. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25. 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 posted its earnings results on Wednesday, July 23rd. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.69 by $0.04. The firm had revenue of $476.32 million for the quarter, compared to analyst estimates of $467.60 million. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%. During the same quarter in the prior year, the company posted $0.73 earnings per share. On average, equities analysts forecast that Cadence Bank will post 2.94 earnings per share for the current year.

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

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.275 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.10 annualized dividend and a yield of 3.02%. Cadence Bank's dividend payout ratio is presently 39.15%.

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.