Connor Clark & Lunn Investment Management Ltd. Invests $1.15 Million in Cadence Bank $CADE

Key Points

• Connor Clark & Lunn Investment Management Ltd. has acquired a new stake in Cadence Bank, purchasing 37,921 shares valued at approximately $1,151,000 in the first quarter.
• Cadence Bank has reported strong quarterly earnings, with $0.73 earnings per share, surpassing analyst estimates, and has approved a stock repurchase plan for up to 10 million shares.
• The company recently announced a quarterly dividend of $0.275 per share, with a dividend yield of 3.1%, to be paid on October 1st.

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Cadence Bank (NYSE:CADE - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 37,921 shares of the company's stock, valued at approximately $1,151,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Cadence Bank by 0.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 51,634 shares of the company's stock valued at $1,568,000 after acquiring an additional 480 shares in the last quarter. Johnson Investment Counsel Inc. increased its position 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 during the last quarter. Xponance Inc. raised its stake in shares of Cadence Bank by 2.3% in the 1st quarter. Xponance Inc. now owns 26,415 shares of the company's stock valued at $802,000 after purchasing an additional 587 shares in the last quarter. State of Michigan Retirement System raised its stake in shares of Cadence Bank by 1.4% in the 1st quarter. State of Michigan Retirement System now owns 43,910 shares of the company's stock valued at $1,333,000 after purchasing an additional 600 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its position in shares of Cadence Bank by 1.2% during the first quarter. Louisiana State Employees Retirement System now owns 51,400 shares of the company's stock worth $1,561,000 after purchasing an additional 600 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company's stock.

Cadence Bank Price Performance

CADE traded down $0.2190 on Wednesday, reaching $35.2610. The company had a trading volume of 795,960 shares, compared to its average volume of 1,449,567. The company has a market capitalization of $6.43 billion, a P/E ratio of 12.56 and a beta of 0.89. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25. The company has a fifty day moving average of $33.85 and a 200-day moving average of $31.84. Cadence Bank has a one year low of $25.22 and a one year high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. The company had revenue of $476.32 million during the quarter, compared to analyst estimates of $467.60 million. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. During the same period in the prior year, the business posted $0.73 EPS. As a group, equities research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank announced that its Board of Directors has authorized a stock buyback plan on Friday, April 25th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a dividend of $0.275 per share. The ex-dividend date is Monday, September 15th. This represents a $1.10 annualized dividend and a dividend yield of 3.1%. Cadence Bank's dividend payout ratio (DPR) is 39.15%.

Wall Street Analysts Forecast Growth

CADE has been the subject of several research analyst reports. Hovde Group boosted their price objective on Cadence Bank from $34.00 to $40.00 and gave the company a "market perform" rating in a report on Monday, July 28th. Royal Bank Of Canada boosted their price target on Cadence Bank from $34.00 to $37.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Piper Sandler raised their price objective on Cadence Bank from $42.00 to $43.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Barclays reaffirmed an "overweight" rating and issued a $41.00 price objective (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Finally, Wall Street Zen cut shares of Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cadence Bank presently has an average rating of "Moderate Buy" and an average target price of $40.40.

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.