Neo Ivy Capital Management Increases Stock Holdings in Cadence Bank (NYSE:CADE)

Key Points

• Neo Ivy Capital Management increased its stake in Cadence Bank by 132.1%, owning 23,240 shares worth $706,000 after buying an additional 13,226 shares in Q1.
• Analysts have varied ratings on Cadence Bank, with the average target price at $38.90, reflecting a mix of "buy," "hold," and "sell" ratings from different firms.
• The bank announced a quarterly dividend of $0.275 per share, resulting in a dividend yield of 3.02%, and authorized a share repurchase plan for up to 10 million shares.

Neo Ivy Capital Management grew its position in Cadence Bank (NYSE:CADE - Free Report) by 132.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,240 shares of the company's stock after buying an additional 13,226 shares during the quarter. Neo Ivy Capital Management's holdings in Cadence Bank were worth $706,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CADE. Abound Wealth Management grew its holdings in Cadence Bank by 223.3% during the 1st quarter. Abound Wealth Management now owns 1,665 shares of the company's stock valued at $51,000 after buying an additional 1,150 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Cadence Bank by 169.6% in the first quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock valued at $54,000 after acquiring an additional 1,116 shares in the last quarter. State of Wyoming lifted its position in shares of Cadence Bank by 172.4% in the fourth quarter. State of Wyoming now owns 2,359 shares of the company's stock valued at $81,000 after acquiring an additional 1,493 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Cadence Bank by 55.3% during the first quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after acquiring an additional 1,030 shares during the last quarter. Finally, CX Institutional purchased a new stake in Cadence Bank during the 1st quarter worth about $122,000. Hedge funds and other institutional investors own 84.61% of the company's stock.

Cadence Bank Trading Down 0.3%

CADE stock traded down $0.09 during trading on Wednesday, reaching $35.65. 527,937 shares of the stock traded hands, compared to its average volume of 1,433,222. The business's 50 day moving average price is $32.52 and its 200-day moving average price is $31.87. The firm has a market capitalization of $6.50 billion, a PE ratio of 12.69 and a beta of 0.84. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87. 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. The firm 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 quarter in the prior year, the company earned $0.73 EPS. As a group, sell-side 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 initiated a stock repurchase plan on Friday, April 25th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.10 annualized dividend and a dividend yield of 3.09%. Cadence Bank's payout ratio is 39.15%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CADE. Keefe, Bruyette & Woods upped their target price on shares of Cadence Bank from $40.00 to $41.00 and gave the company an "outperform" rating in a report on Monday. Barclays restated an "overweight" rating and set a $41.00 target price (up previously from $38.00) on shares of Cadence Bank in a research report on Tuesday, July 8th. Piper Sandler boosted their price target on Cadence Bank from $42.00 to $43.00 and gave the company an "overweight" rating in a report on Monday. Stephens increased their price target on Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, Wall Street Zen downgraded Cadence Bank from a "hold" rating to a "sell" rating in a research report on Saturday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $40.40.

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.