Focus Partners Advisor Solutions LLC Buys New Shares in Cadence Bank (NYSE:CADE)

Focus Partners Advisor Solutions LLC acquired a new position in shares of Cadence Bank (NYSE:CADE - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 20,039 shares of the company's stock, valued at approximately $690,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its stake in shares of Cadence Bank by 1.4% in the 4th quarter. Victory Capital Management Inc. now owns 50,453 shares of the company's stock worth $1,738,000 after buying an additional 685 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Cadence Bank by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company's stock worth $77,678,000 after buying an additional 12,309 shares during the last quarter. Pictet Asset Management Holding SA boosted its stake in shares of Cadence Bank by 7.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 28,439 shares of the company's stock worth $980,000 after buying an additional 2,073 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Cadence Bank by 163.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company's stock worth $40,000 after buying an additional 722 shares during the last quarter. Finally, Barclays PLC boosted its stake in shares of Cadence Bank by 63.7% in the 3rd quarter. Barclays PLC now owns 441,669 shares of the company's stock worth $14,067,000 after buying an additional 171,940 shares during the last quarter. 84.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Piper Sandler dropped their price objective on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 23rd. DA Davidson dropped their price objective on Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Keefe, Bruyette & Woods upped their price objective on Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a research note on Friday, May 9th. Barclays dropped their price objective on Cadence Bank from $44.00 to $38.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Finally, Royal Bank of Canada dropped their price objective on Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. 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 Performance

CADE stock traded up $0.65 during midday trading on Tuesday, reaching $30.85. 1,619,053 shares of the company's stock traded hands, compared to its average volume of 1,304,331. The company has a 50-day moving average price of $29.55 and a two-hundred day moving average price of $33.03. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20. The firm has a market capitalization of $5.62 billion, a PE ratio of 11.14 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 for the quarter, topping the consensus estimate of $0.64 by $0.07. The firm had revenue of $448.55 million for the quarter, compared to analysts' expectations of $451.61 million. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter in the prior year, the firm posted $0.62 earnings per share. As a group, analysts predict that Cadence Bank will post 2.94 EPS 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. Stockholders of record on Friday, June 13th will be issued a $0.275 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.10 annualized dividend and a dividend yield of 3.57%. Cadence Bank's payout ratio is currently 38.60%.

Cadence Bank declared that its board has approved a share buyback plan on Friday, April 25th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are 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.