Mackenzie Financial Corp Grows Position in Cadence Bank (NYSE:CADE)

Key Points

• Mackenzie Financial Corp increased its stake in Cadence Bank by 30.7% during the 1st quarter, owning 392,880 shares valued at approximately $11.93 million.
• Cadence Bank announced a quarterly dividend of $0.275 per share, representing an annualized yield of 3.2%, with an ex-dividend date of September 15th.
• Wall Street analysts forecast a positive outlook for Cadence Bank, with target price upgrades from several firms, resulting in a consensus target price of $40.40 for the stock.

Mackenzie Financial Corp lifted its stake in Cadence Bank (NYSE:CADE - Free Report) by 30.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 392,880 shares of the company's stock after buying an additional 92,228 shares during the quarter. Mackenzie Financial Corp owned approximately 0.22% of Cadence Bank worth $11,928,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. LPL Financial LLC increased its position in shares of Cadence Bank by 0.6% in the first quarter. LPL Financial LLC now owns 150,402 shares of the company's stock valued at $4,566,000 after buying an additional 927 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Cadence Bank by 0.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 51,634 shares of the company's stock worth $1,568,000 after acquiring an additional 480 shares during the period. TD Asset Management Inc lifted its holdings in Cadence Bank by 5.0% during the first quarter. TD Asset Management Inc now owns 100,536 shares of the company's stock valued at $3,052,000 after purchasing an additional 4,774 shares in the last quarter. Neo Ivy Capital Management grew its position in shares of Cadence Bank by 132.1% in the first quarter. Neo Ivy Capital Management now owns 23,240 shares of the company's stock valued at $706,000 after purchasing an additional 13,226 shares during the period. Finally, Abel Hall LLC acquired a new stake in shares of Cadence Bank in the first quarter valued at about $231,000. Hedge funds and other institutional investors own 84.61% of the company's stock.

Cadence Bank Trading Up 0.1%

NYSE:CADE traded up $0.04 on Tuesday, reaching $34.76. 580,331 shares of the company's stock were exchanged, compared to its average volume of 1,452,334. The firm has a market capitalization of $6.33 billion, a price-to-earnings ratio of 12.38 and a beta of 0.89. The business has a fifty day moving average of $32.87 and a 200-day moving average of $31.83. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.04. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%. The business had revenue of $476.32 million during the quarter, compared to analysts' expectations of $467.60 million. During the same quarter last year, the business posted $0.73 EPS. As a group, analysts expect that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, September 15th. Cadence Bank's payout ratio is 39.15%.

Cadence Bank announced that its Board of Directors has authorized a stock repurchase program on Friday, April 25th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CADE shares. Stephens raised their price target on shares of Cadence Bank from $41.00 to $42.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Wall Street Zen downgraded Cadence Bank from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Piper Sandler boosted their price target on Cadence Bank from $42.00 to $43.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Barclays reiterated an "overweight" rating and issued a $41.00 price objective (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Finally, Hovde Group boosted their price target on shares of Cadence Bank from $34.00 to $40.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.40.

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.