Bessemer Group Inc. Grows Stock Holdings in Cadence Bank (NYSE:CADE)

Bessemer Group Inc. increased its holdings in Cadence Bank (NYSE:CADE - Free Report) by 76,386.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 615,718 shares of the company's stock after buying an additional 614,913 shares during the period. Bessemer Group Inc. owned 0.34% of Cadence Bank worth $18,694,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Smartleaf Asset Management LLC raised its position in shares of Cadence Bank by 163.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company's stock worth $40,000 after buying an additional 722 shares in the last quarter. Abound Wealth Management raised its position in shares of Cadence Bank by 223.3% in the first quarter. Abound Wealth Management now owns 1,665 shares of the company's stock worth $51,000 after buying an additional 1,150 shares in the last quarter. Parkside Financial Bank & Trust raised its position 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 worth $59,000 after buying an additional 1,434 shares in the last quarter. Jones Financial Companies Lllp raised its position in shares of Cadence Bank by 1,601.0% in the fourth quarter. Jones Financial Companies Lllp now owns 1,718 shares of the company's stock worth $59,000 after buying an additional 1,617 shares in the last quarter. Finally, UMB Bank n.a. raised its position in Cadence Bank by 169.6% during the first quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock valued at $54,000 after purchasing an additional 1,116 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CADE. Keefe, Bruyette & Woods raised their price target on Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a research report on Friday, May 9th. DA Davidson lowered their price target on Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Stephens reaffirmed an "overweight" rating and set a $40.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 22nd. Hovde Group raised their price objective on Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Finally, Wall Street Zen cut Cadence Bank from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $36.82.

Cadence Bank Trading Up 0.8%

Shares of NYSE CADE traded up $0.27 during trading hours on Friday, hitting $32.24. The company's stock had a trading volume of 3,565,983 shares, compared to its average volume of 1,301,577. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $5.87 billion, a price-to-earnings ratio of 11.31 and a beta of 0.84. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20. The business has a 50-day simple moving average of $30.41 and a 200-day simple moving average of $31.93.

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

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

Cadence Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.10 annualized dividend and a yield of 3.41%. Cadence Bank's dividend payout ratio (DPR) is presently 38.60%.

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.