UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Acquires 63,459 Shares of Cadence Bank (NYSE:CADE)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Cadence Bank (NYSE:CADE - Free Report) by 15.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 464,379 shares of the company's stock after buying an additional 63,459 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.25% of Cadence Bank worth $15,998,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Barclays PLC boosted its holdings in shares of Cadence Bank by 63.7% during the third quarter. Barclays PLC now owns 441,669 shares of the company's stock valued at $14,067,000 after acquiring an additional 171,940 shares during the period. KBC Group NV boosted its holdings in shares of Cadence Bank by 63.6% in the fourth quarter. KBC Group NV now owns 8,239 shares of the company's stock worth $284,000 after buying an additional 3,203 shares during the period. Journey Strategic Wealth LLC acquired a new position in shares of Cadence Bank in the fourth quarter worth about $215,000. Mather Group LLC. boosted its holdings in shares of Cadence Bank by 716.2% in the fourth quarter. Mather Group LLC. now owns 808 shares of the company's stock worth $28,000 after buying an additional 709 shares during the period. Finally, Retirement Systems of Alabama boosted its holdings in shares of Cadence Bank by 0.4% during the fourth quarter. Retirement Systems of Alabama now owns 222,475 shares of the company's stock worth $7,664,000 after purchasing an additional 867 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CADE shares. Royal Bank of Canada reduced their price objective on shares of Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Stephens reiterated an "overweight" rating and issued a $40.00 price target on shares of Cadence Bank in a research report on Tuesday, April 22nd. Wall Street Zen upgraded shares of Cadence Bank from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Hovde Group raised their price target on shares of Cadence Bank from $32.00 to $34.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Finally, Piper Sandler cut their price target on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $36.82.

Cadence Bank Stock Down 1.0%

Shares of NYSE CADE traded down $0.30 during trading hours on Friday, reaching $30.35. 827,549 shares of the stock traded hands, compared to its average volume of 1,304,540. The company has a market capitalization of $5.53 billion, a P/E ratio of 10.96 and a beta of 0.84. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20. The company's 50-day simple moving average is $29.54 and its two-hundred day simple moving average is $32.88.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings results on Monday, April 21st. The company reported $0.71 EPS for the quarter, topping analysts' consensus estimates of $0.64 by $0.07. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. The business had revenue of $448.55 million for the quarter, compared to analysts' expectations of $451.61 million. During the same period in the previous year, the firm earned $0.62 EPS. As a group, sell-side analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, June 13th. This represents a $1.10 annualized dividend and a dividend yield of 3.62%. Cadence Bank's dividend payout ratio is presently 38.60%.

Cadence Bank declared that its Board of Directors has initiated a share repurchase plan on Friday, April 25th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its stock is undervalued.

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.