Cadence Bank (NYSE:CADE) Shares Purchased by Homestead Advisers Corp

Homestead Advisers Corp increased its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 15.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 157,450 shares of the company's stock after purchasing an additional 20,700 shares during the period. Homestead Advisers Corp owned approximately 0.09% of Cadence Bank worth $4,780,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Abound Wealth Management raised its holdings in Cadence Bank by 223.3% during the first quarter. Abound Wealth Management now owns 1,665 shares of the company's stock worth $51,000 after purchasing an additional 1,150 shares in the last quarter. UMB Bank n.a. increased its holdings in Cadence Bank by 169.6% in the first quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock valued at $54,000 after buying an additional 1,116 shares in the last quarter. State of Wyoming increased its holdings in Cadence Bank by 172.4% in the fourth quarter. State of Wyoming now owns 2,359 shares of the company's stock valued at $81,000 after buying an additional 1,493 shares in the last quarter. GAMMA Investing LLC increased its holdings in 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. Finally, CX Institutional purchased a new position in Cadence Bank in the first quarter valued at about $122,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CADE has been the subject of a number of research analyst reports. Piper Sandler raised shares of Cadence Bank from a "neutral" rating to an "overweight" rating and increased their target price for the company from $36.00 to $42.00 in a report on Tuesday, July 8th. Barclays reaffirmed an "overweight" rating and issued a $41.00 target price (up from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. DA Davidson dropped their target price on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Stephens reaffirmed an "overweight" rating and issued a $40.00 target price on shares of Cadence Bank in a report on Tuesday, April 22nd. Finally, Keefe, Bruyette & Woods increased their target price on shares of Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a report on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, Cadence Bank presently has a consensus rating of "Moderate Buy" and a consensus price target of $38.90.

Cadence Bank Price Performance

Shares of CADE stock traded up $1.26 during trading hours on Friday, hitting $36.30. The company's stock had a trading volume of 1,432,450 shares, compared to its average volume of 1,406,115. The business has a fifty day moving average of $32.26 and a 200-day moving average of $31.86. The stock has a market cap of $6.62 billion, a price-to-earnings ratio of 12.92 and a beta of 0.84. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.10.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.69 by $0.04. Cadence Bank had a net margin of 18.79% and a return on equity of 9.97%. The business had revenue of $476.32 million for the quarter, compared to analyst estimates of $467.60 million. During the same period in the prior year, the business earned $0.73 earnings per share. As a group, equities research analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank announced that its Board of Directors has initiated a share buyback program on Friday, April 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Cadence Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.10 dividend on an annualized basis and a yield of 3.03%. Cadence Bank's dividend payout ratio (DPR) is currently 39.15%.

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.