Advisor Resource Council Makes New $314,000 Investment in Cadence Bank (NYSE:CADE)

Advisor Resource Council bought a new position in shares of Cadence Bank (NYSE:CADE - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 10,348 shares of the company's stock, valued at approximately $314,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CADE. Handelsbanken Fonder AB grew its holdings in shares of Cadence Bank by 19.0% in the 4th quarter. Handelsbanken Fonder AB now owns 40,058 shares of the company's stock worth $1,380,000 after purchasing an additional 6,400 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Cadence Bank by 3.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,836,594 shares of the company's stock valued at $63,271,000 after buying an additional 62,026 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in Cadence Bank by 0.8% during the fourth 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. Proficio Capital Partners LLC acquired a new stake in shares of Cadence Bank during the fourth quarter worth approximately $1,206,000. Finally, Parkside Financial Bank & Trust raised its stake in shares of Cadence Bank by 504.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company's stock valued at $59,000 after acquiring an additional 1,434 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Trading Down 0.2%

NYSE CADE traded down $0.05 during trading hours on Wednesday, hitting $31.36. The company's stock had a trading volume of 1,412,088 shares, compared to its average volume of 1,292,901. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20. The firm has a market capitalization of $5.71 billion, a P/E ratio of 11.00 and a beta of 0.84. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.10. The stock has a fifty day moving average of $30.33 and a 200 day moving average of $31.96.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates of $0.64 by $0.07. Cadence Bank had a return on equity of 9.95% and a net margin of 18.83%. The company had revenue of $448.55 million for the quarter, compared to the consensus estimate of $451.61 million. During the same quarter in the prior year, the business posted $0.62 EPS. Equities research analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.51%. The ex-dividend date is Friday, June 13th. Cadence Bank's payout ratio is 38.60%.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Hovde Group raised their price target on Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Stephens restated an "overweight" rating and issued a $40.00 target price on shares of Cadence Bank in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods upped their price target on shares of Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th. Barclays decreased their price objective on shares of Cadence Bank from $44.00 to $38.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Piper Sandler reduced their target price on shares of Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.82.

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.