19,719 Shares in Cadence Bank (NYSE:CADE) Purchased by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd acquired a new stake in Cadence Bank during the first quarter, purchasing 19,719 shares valued at approximately $599,000.
• Cadence Bank has a new share repurchase program authorized for buyback of 10,000,000 shares, signaling confidence from its leadership in the stock’s valuation.
• The bank's most recent earnings report showed a strong performance with $0.73 earnings per share, exceeding the estimate of $0.69.

Bayforest Capital Ltd purchased a new position in shares of Cadence Bank (NYSE:CADE - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 19,719 shares of the company's stock, valued at approximately $599,000.

Several other large investors also recently modified their holdings of CADE. Teacher Retirement System of Texas grew its stake in Cadence Bank by 312.7% in the 1st quarter. Teacher Retirement System of Texas now owns 49,592 shares of the company's stock valued at $1,506,000 after buying an additional 37,576 shares in the last quarter. Principal Financial Group Inc. grew its stake in Cadence Bank by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 425,330 shares of the company's stock valued at $12,913,000 after buying an additional 5,221 shares in the last quarter. State of Alaska Department of Revenue grew its stake in Cadence Bank by 3.1% in the 1st quarter. State of Alaska Department of Revenue now owns 21,500 shares of the company's stock valued at $652,000 after buying an additional 640 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Cadence Bank by 2.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 69,707 shares of the company's stock valued at $2,116,000 after buying an additional 1,670 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Cadence Bank by 55.3% in the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after buying an additional 1,030 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

Analyst Ratings Changes

CADE has been the subject of a number of recent research reports. DA Davidson lifted their price objective on shares of Cadence Bank from $37.00 to $42.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Royal Bank Of Canada boosted their price target on shares of Cadence Bank from $34.00 to $37.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. Stephens boosted their price target on shares of Cadence Bank from $41.00 to $42.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Wall Street Zen lowered shares of Cadence Bank from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Finally, Hovde Group boosted their price target on shares of Cadence Bank from $34.00 to $40.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Bank currently has an average rating of "Moderate Buy" and a consensus price target of $40.40.

Cadence Bank Trading Up 2.3%

Cadence Bank stock traded up $0.77 during mid-day trading on Monday, hitting $34.71. The company's stock had a trading volume of 471,262 shares, compared to its average volume of 1,450,724. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market cap of $6.32 billion, a price-to-earnings ratio of 12.36 and a beta of 0.89. The business has a 50 day moving average price of $32.78 and a 200-day moving average price of $31.84. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20.

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

Cadence Bank declared that its board has initiated a share repurchase plan on Friday, April 25th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Cadence Bank Announces Dividend

The firm also recently declared 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 of this dividend is Monday, September 15th. This represents a $1.10 annualized dividend and a yield of 3.2%. Cadence Bank's payout ratio is currently 39.15%.

Cadence Bank Company 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.