Mackenzie Financial Corp Has $10.36 Million Holdings in Cadence Bank (NYSE:CADE)

Mackenzie Financial Corp boosted its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 122.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 300,652 shares of the company's stock after acquiring an additional 165,509 shares during the quarter. Mackenzie Financial Corp owned 0.16% of Cadence Bank worth $10,357,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. DA Davidson dropped their price target on Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Hovde Group boosted their price target on Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Piper Sandler cut their price objective on shares of Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 23rd. 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 research report on Wednesday, April 23rd. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, Cadence Bank presently has an average rating of "Moderate Buy" and an average price target of $36.82.

Cadence Bank Trading Down 1.0%

CADE stock traded down $0.30 during midday trading on Friday, reaching $30.35. The company had a trading volume of 827,549 shares, compared to its average volume of 1,302,890. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $40.20. The company has a market capitalization of $5.53 billion, a P/E ratio of 10.96 and a beta of 0.84. The company has a 50 day moving average of $29.55 and a two-hundred day moving average of $32.94.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.07. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. The business had revenue of $448.55 million during the quarter, compared to analyst estimates of $451.61 million. During the same period in the previous year, the company earned $0.62 EPS. On average, sell-side analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank announced that its Board of Directors has authorized a share repurchase plan on Friday, April 25th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Cadence Bank Dividend Announcement

The business also recently announced 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. This represents a $1.10 annualized dividend and a yield of 3.62%. The ex-dividend date is Friday, June 13th. Cadence Bank's payout ratio is currently 38.60%.

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.