Entropy Technologies LP Purchases Shares of 32,196 Cadence Bank (NYSE:CADE)

Key Points

• Entropy Technologies LP has invested approximately $977,000 in Cadence Bank by purchasing 32,196 shares during the first quarter.
• Cadence Bank has received mixed reviews from analysts, with price targets for the stock ranging from $34.00 to $43.00, and a consensus rating of "Moderate Buy."
• Cadence Bank declared a quarterly dividend of $0.275 per share, with a 3.2% dividend yield and a stock buyback program to repurchase up to 10 million shares.

Entropy Technologies LP purchased a new stake in Cadence Bank (NYSE:CADE - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 32,196 shares of the company's stock, valued at approximately $977,000.

Other institutional investors have also recently modified their holdings of the company. Teacher Retirement System of Texas boosted its stake in shares of Cadence Bank by 312.7% in the first quarter. Teacher Retirement System of Texas now owns 49,592 shares of the company's stock valued at $1,506,000 after buying an additional 37,576 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Cadence Bank by 1.2% in the first quarter. Principal Financial Group Inc. now owns 425,330 shares of the company's stock valued at $12,913,000 after buying an additional 5,221 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Cadence Bank by 3.1% in the first quarter. State of Alaska Department of Revenue now owns 21,500 shares of the company's stock valued at $652,000 after buying an additional 640 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Cadence Bank by 2.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 69,707 shares of the company's stock valued at $2,116,000 after buying an additional 1,670 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Cadence Bank by 55.3% in the first quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after buying an additional 1,030 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Wall Street Zen downgraded Cadence Bank from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Hovde Group lifted their price objective on Cadence Bank from $34.00 to $40.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. Royal Bank Of Canada lifted their price objective on Cadence Bank from $34.00 to $37.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. DA Davidson lifted their price objective on Cadence Bank from $37.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Finally, Stephens lifted their price objective on Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. 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, the stock has an average rating of "Moderate Buy" and a consensus price target of $40.40.

Cadence Bank Price Performance

Shares of NYSE CADE traded down $0.86 during trading on Friday, reaching $35.38. The company had a trading volume of 1,439,987 shares, compared to its average volume of 2,044,916. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20. The stock has a market capitalization of $6.45 billion, a PE ratio of 12.59 and a beta of 0.89. The stock has a 50-day moving average price of $33.68 and a two-hundred day moving average price of $31.86. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25.

Cadence Bank (NYSE:CADE - Get Free Report) last released 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. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%. The company had revenue of $476.32 million during the quarter, compared to analysts' expectations of $467.60 million. During the same period in the previous year, the firm posted $0.73 earnings per share. As a group, sell-side analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Dividend Announcement

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 paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.1%. The ex-dividend date is Monday, September 15th. Cadence Bank's dividend payout ratio is presently 39.15%.

Cadence Bank declared that its board has approved a stock buyback plan on Friday, April 25th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its stock is undervalued.

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.