Cadence Bank (NYSE:CADE) Shares Purchased by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Cadence Bank (NYSE:CADE - Free Report) by 8.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 157,619 shares of the company's stock after acquiring an additional 12,792 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.09% of Cadence Bank worth $5,430,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CADE. Brooklyn Investment Group acquired a new stake in shares of Cadence Bank during the fourth quarter worth $26,000. Mather Group LLC. lifted its holdings in shares of Cadence Bank by 716.2% during the fourth quarter. Mather Group LLC. now owns 808 shares of the company's stock worth $28,000 after purchasing an additional 709 shares during the period. Keystone Financial Group Inc. acquired a new stake in shares of Cadence Bank during the fourth quarter worth $31,000. Smartleaf Asset Management LLC lifted its holdings in shares of Cadence Bank by 163.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company's stock worth $40,000 after purchasing an additional 722 shares during the period. Finally, Parkside Financial Bank & Trust lifted its holdings in shares of Cadence Bank by 504.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company's stock worth $59,000 after purchasing an additional 1,434 shares during the period. 84.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CADE. Citigroup increased their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. Piper Sandler reduced their target price on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Hovde Group raised their target price on Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Keefe, Bruyette & Woods raised their target price on Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a report on Friday, May 9th. Finally, Wall Street Zen raised Cadence Bank from a "sell" rating to a "hold" rating in a report on Thursday. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $36.82.

Cadence Bank Stock Performance

Cadence Bank stock traded down $0.46 during midday trading on Friday, reaching $30.20. The company's stock had a trading volume of 1,810,964 shares, compared to its average volume of 1,303,067. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20. The stock's 50 day simple moving average is $29.56 and its 200 day simple moving average is $33.11. The firm has a market capitalization of $5.50 billion, a PE ratio of 10.90 and a beta of 0.84.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly 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 business had revenue of $448.55 million during the quarter, compared to the consensus estimate of $451.61 million. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same quarter in the previous year, the company posted $0.62 EPS. Equities analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.64%. The ex-dividend date is Friday, June 13th. Cadence Bank's dividend payout ratio (DPR) is presently 38.60%.

Cadence Bank declared that its board has initiated a stock repurchase program on Friday, April 25th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's leadership believes its stock is 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.