Lazard Asset Management LLC Has $1.46 Million Stock Position in Cadence Bank (NYSE:CADE)

Lazard Asset Management LLC boosted its stake in shares of Cadence Bank (NYSE:CADE - Free Report) by 34.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 42,439 shares of the company's stock after buying an additional 10,811 shares during the period. Lazard Asset Management LLC's holdings in Cadence Bank were worth $1,461,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of CADE. Brooklyn Investment Group bought a new position in shares of Cadence Bank during the 4th quarter worth approximately $26,000. Mather Group LLC. grew its stake in shares of Cadence Bank by 716.2% during the 4th quarter. Mather Group LLC. now owns 808 shares of the company's stock worth $28,000 after acquiring an additional 709 shares in the last quarter. Keystone Financial Group Inc. bought a new position in shares of Cadence Bank during the 4th quarter worth approximately $31,000. Smartleaf Asset Management LLC grew its stake in shares of Cadence Bank by 163.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company's stock worth $40,000 after acquiring an additional 722 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in shares of Cadence Bank by 504.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company's stock worth $59,000 after acquiring an additional 1,434 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Price Performance

CADE stock opened at $31.83 on Monday. The company has a fifty day moving average price of $29.46 and a two-hundred day moving average price of $33.23. Cadence Bank has a one year low of $25.22 and a one year high of $40.20. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 11.49 and a beta of 0.84.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly earnings data on Monday, April 21st. The company reported $0.71 EPS for the quarter, topping analysts' consensus estimates of $0.64 by $0.07. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. The firm had revenue of $448.55 million during the quarter, compared to analysts' expectations of $451.61 million. During the same period in the previous year, the business posted $0.62 earnings per share. Research analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank declared that its board has approved a share buyback program on Friday, April 25th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Cadence Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a yield of 3.46%. Cadence Bank's dividend payout ratio (DPR) is 38.60%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CADE shares. Barclays decreased their price target on shares of Cadence Bank from $44.00 to $38.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Royal Bank of Canada decreased their target price on shares of Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Piper Sandler decreased their target price on shares of Cadence Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. DA Davidson decreased their target price on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, Keefe, Bruyette & Woods raised their target price on shares of Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a research note on Friday, May 9th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $36.82.

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.

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