Bessemer Group Inc. Acquires 614,913 Shares of Cadence Bank (NYSE:CADE)

Bessemer Group Inc. grew its holdings in shares of Cadence Bank (NYSE:CADE - Free Report) by 76,386.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 615,718 shares of the company's stock after purchasing an additional 614,913 shares during the quarter. Bessemer Group Inc. owned approximately 0.34% of Cadence Bank worth $18,694,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Oregon Public Employees Retirement Fund increased its holdings 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 valued at $1,284,000 after buying an additional 300 shares during the last quarter. Ironwood Investment Management LLC grew its position in shares of Cadence Bank by 1.2% during the 4th quarter. Ironwood Investment Management LLC now owns 30,170 shares of the company's stock valued at $1,039,000 after acquiring an additional 354 shares during the period. Arizona State Retirement System increased its stake in shares of Cadence Bank by 0.8% in the 4th quarter. Arizona State Retirement System now owns 53,034 shares of the company's stock worth $1,827,000 after purchasing an additional 415 shares in the last quarter. Johnson Investment Counsel Inc. increased its stake in shares of Cadence Bank by 8.6% in the 1st quarter. Johnson Investment Counsel Inc. now owns 7,317 shares of the company's stock worth $222,000 after purchasing an additional 578 shares in the last quarter. Finally, Sit Investment Associates Inc. raised its holdings in Cadence Bank by 2.4% in the 4th quarter. Sit Investment Associates Inc. now owns 25,750 shares of the company's stock worth $887,000 after purchasing an additional 600 shares during the period. Institutional investors own 84.61% of the company's stock.

Wall Street Analysts Forecast Growth

CADE has been the subject of several recent research reports. Wall Street Zen lowered Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday, June 14th. Keefe, Bruyette & Woods lifted their target price on Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Friday, May 9th. Hovde Group increased their price target on Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Stephens restated an "overweight" rating and set a $40.00 price target on shares of Cadence Bank in a report on Tuesday, April 22nd. Finally, 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. One 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's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $36.82.

Cadence Bank Trading Down 0.3%

NYSE CADE traded down $0.11 during trading hours on Monday, hitting $32.04. 1,296,653 shares of the company were exchanged, compared to its average volume of 1,296,553. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20. 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 50-day moving average price of $30.59 and a 200 day moving average price of $31.79. The stock has a market cap of $5.84 billion, a PE ratio of 11.24 and a beta of 0.84.

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

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank's dividend payout ratio (DPR) is 38.60%.

Cadence Bank declared that its board has approved a share repurchase program on Friday, April 25th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

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.