Edgestream Partners L.P. Makes New $1.42 Million Investment in Cadence Bank (NYSE:CADE)

Edgestream Partners L.P. acquired a new stake in shares of Cadence Bank (NYSE:CADE - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 46,757 shares of the company's stock, valued at approximately $1,420,000.

Other hedge funds have also recently modified their holdings of the company. CWM LLC increased its position in Cadence Bank by 49.8% during the first quarter. CWM LLC now owns 5,799 shares of the company's stock valued at $176,000 after acquiring an additional 1,928 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in Cadence Bank by 1.2% during the first quarter. Louisiana State Employees Retirement System now owns 51,400 shares of the company's stock valued at $1,561,000 after purchasing an additional 600 shares during the period. Xponance Inc. grew its holdings in Cadence Bank by 2.3% during the first quarter. Xponance Inc. now owns 26,415 shares of the company's stock valued at $802,000 after purchasing an additional 587 shares during the period. State of Michigan Retirement System grew its holdings in Cadence Bank by 1.4% during the first 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 during the period. Finally, Gilliland Jeter Wealth Management LLC grew its holdings in Cadence Bank by 7.0% during the first quarter. Gilliland Jeter Wealth Management LLC now owns 34,516 shares of the company's stock valued at $1,048,000 after purchasing an additional 2,267 shares during the period. Hedge funds and other institutional investors own 84.61% of the company's stock.

Cadence Bank Trading Down 0.3%

Shares of NYSE:CADE traded down $0.09 during trading on Friday, hitting $34.91. The company had a trading volume of 1,573,993 shares, compared to its average volume of 1,314,505. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.87 and a quick ratio of 0.87. The company has a fifty day simple moving average of $32.00 and a two-hundred day simple moving average of $31.81. Cadence Bank has a one year low of $25.22 and a one year high of $40.20. The stock has a market cap of $6.36 billion, a price-to-earnings ratio of 12.25 and a beta of 0.84.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, topping 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 period in the prior year, the business posted $0.62 earnings per share. As a group, equities analysts forecast that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were issued a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.10 annualized dividend and a yield of 3.15%. Cadence Bank's payout ratio is currently 38.60%.

Cadence Bank announced that its Board of Directors has initiated a stock repurchase plan on Friday, April 25th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CADE shares. Piper Sandler raised Cadence Bank from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $36.00 to $42.00 in a research note on Tuesday, July 8th. Barclays reaffirmed an "overweight" rating and issued a $41.00 price objective (up previously from $38.00) on shares of Cadence Bank in a research note on Tuesday, July 8th. Stephens reaffirmed an "overweight" rating and issued a $40.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods upped their price objective on Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a research note on Friday, May 9th. Finally, DA Davidson dropped their price target on Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $38.50.

About Cadence Bank

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.