GAMMA Investing LLC Raises Stock Position in Cadence Bank (NYSE:CADE)

GAMMA Investing LLC raised its holdings in Cadence Bank (NYSE:CADE - Free Report) by 4,615.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 87,801 shares of the company's stock after buying an additional 85,939 shares during the period. GAMMA Investing LLC's holdings in Cadence Bank were worth $2,892,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Moody National Bank Trust Division raised its holdings in shares of Cadence Bank by 6.4% in the first quarter. Moody National Bank Trust Division now owns 38,176 shares of the company's stock valued at $1,159,000 after purchasing an additional 2,310 shares during the last quarter. Mascagni Wealth Management Inc. purchased a new stake in shares of Cadence Bank in the fourth quarter valued at about $794,000. Mackenzie Financial Corp raised its holdings in shares of Cadence Bank by 122.5% in the fourth quarter. Mackenzie Financial Corp now owns 300,652 shares of the company's stock valued at $10,357,000 after purchasing an additional 165,509 shares during the last quarter. Forum Financial Management LP purchased a new stake in shares of Cadence Bank in the fourth quarter valued at about $216,000. Finally, Neo Ivy Capital Management purchased a new stake in shares of Cadence Bank in the fourth quarter valued at about $344,000. 84.61% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CADE shares. Hovde Group increased their target price on shares of Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Royal Bank of Canada decreased their price objective on shares of Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Morgan Stanley decreased their price objective on shares of Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Keefe, Bruyette & Woods raised their price objective on shares of Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Friday, May 9th. Finally, Barclays decreased their price objective on shares of Cadence Bank from $44.00 to $38.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $36.82.

Cadence Bank Price Performance

NYSE:CADE traded up $0.15 on Monday, reaching $30.16. 981,996 shares of the company's stock were exchanged, compared to its average volume of 1,282,940. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of 10.89 and a beta of 0.84. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20. The stock has a fifty day simple moving average of $29.95 and a 200-day simple moving average of $32.23.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its earnings results on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates of $0.64 by $0.07. The firm had revenue of $448.55 million during the quarter, compared to analyst estimates 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 last year, the business earned $0.62 earnings per share. As a group, sell-side analysts predict that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a dividend of $0.275 per share. The ex-dividend date is Friday, June 13th. This represents a $1.10 annualized dividend and a yield of 3.65%. Cadence Bank's dividend payout ratio is currently 38.60%.

Cadence Bank declared that its Board of Directors has approved a stock repurchase plan 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 plans are usually an indication that the company's management believes its shares are 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.