Mascagni Wealth Management Inc. Invests $794,000 in Cadence Bank (NYSE:CADE)

Mascagni Wealth Management Inc. acquired a new position in Cadence Bank (NYSE:CADE - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 23,060 shares of the company's stock, valued at approximately $794,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. 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. Charles Schwab Investment Management Inc. grew its holdings in Cadence Bank by 0.5% during 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 in the last quarter. Pictet Asset Management Holding SA increased its stake 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 worth $980,000 after acquiring an additional 2,073 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in Cadence Bank by 163.7% in 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 during the last quarter. Finally, Barclays PLC raised its holdings in shares of Cadence Bank by 63.7% during the 3rd quarter. Barclays PLC now owns 441,669 shares of the company's stock worth $14,067,000 after acquiring an additional 171,940 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CADE has been the subject of a number of recent research reports. Morgan Stanley cut their target price on shares of Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Stephens reissued an "overweight" rating and issued a $40.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 22nd. Wall Street Zen downgraded shares of Cadence Bank from a "hold" rating to a "sell" rating in a report on Friday. Keefe, Bruyette & Woods increased their price target 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. Finally, Hovde Group lifted their price target on Cadence Bank from $32.00 to $34.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. One investment 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. According to MarketBeat.com, Cadence Bank has a consensus rating of "Moderate Buy" and an average target price of $36.82.

Cadence Bank Price Performance

Shares of NYSE:CADE traded down $0.30 on Friday, hitting $30.35. 827,549 shares of the company's stock were exchanged, compared to its average volume of 1,306,203. The stock has a market capitalization of $5.53 billion, a price-to-earnings ratio of 10.96 and a beta of 0.84. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20. The business's 50 day simple moving average is $29.54 and its two-hundred day simple moving average is $32.84.

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

Cadence Bank Dividend Announcement

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

Cadence Bank declared that its board has initiated a share repurchase 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. Shares buyback programs are often a sign 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.