Handelsbanken Fonder AB Acquires 10,900 Shares of Cadence Bank (NYSE:CADE)

Handelsbanken Fonder AB grew its stake in shares of Cadence Bank (NYSE:CADE - Free Report) by 27.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,958 shares of the company's stock after buying an additional 10,900 shares during the period. Handelsbanken Fonder AB's holdings in Cadence Bank were worth $1,547,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CADE. Oregon Public Employees Retirement Fund raised its holdings in Cadence Bank by 0.8% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 37,274 shares of the company's stock valued at $1,284,000 after acquiring an additional 300 shares during the period. Ironwood Investment Management LLC raised its stake in Cadence Bank by 1.2% during the 4th quarter. Ironwood Investment Management LLC now owns 30,170 shares of the company's stock valued at $1,039,000 after purchasing an additional 354 shares during the period. Arizona State Retirement System raised its stake in Cadence Bank by 0.8% during the 4th quarter. Arizona State Retirement System now owns 53,034 shares of the company's stock valued at $1,827,000 after purchasing an additional 415 shares during the period. Sit Investment Associates Inc. lifted its holdings in Cadence Bank by 2.4% in the 4th quarter. Sit Investment Associates Inc. now owns 25,750 shares of the company's stock worth $887,000 after purchasing an additional 600 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in 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 purchasing an additional 685 shares during the period. 84.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CADE shares. Piper Sandler lowered their target price on shares of Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Keefe, Bruyette & Woods boosted their price target on shares of Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a research note on Friday, May 9th. Royal Bank Of Canada dropped 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. Stephens restated an "overweight" rating and set a $40.00 price objective on shares of Cadence Bank in a research report on Tuesday, April 22nd. Finally, Wall Street Zen downgraded Cadence Bank from a "hold" rating to a "sell" rating in a research report on Saturday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $36.82.

Cadence Bank Trading Up 2.0%

CADE stock traded up $0.59 during midday trading on Wednesday, reaching $30.35. 617,297 shares of the company traded hands, compared to its average volume of 1,280,089. The firm has a market capitalization of $5.53 billion, a price-to-earnings ratio of 10.66 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 business has a 50 day moving average of $29.96 and a 200-day moving average of $32.21. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.87.

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, beating the consensus estimate of $0.64 by $0.07. The company had revenue of $448.55 million for the quarter, compared to analyst estimates of $451.61 million. Cadence Bank had a return on equity of 9.95% and a net margin of 18.83%. During the same quarter in the prior year, the firm posted $0.62 EPS. As a group, sell-side analysts expect that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank's payout ratio is currently 38.60%.

Cadence Bank announced that its board has authorized a stock repurchase program on Friday, April 25th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management 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.