23,060 Shares in Cadence Bank (NYSE:CADE) Purchased by Mascagni Wealth Management Inc.

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

A number of other hedge funds have also modified their holdings of CADE. Norges Bank acquired a new stake in shares of Cadence Bank during the fourth quarter worth $71,915,000. Millennium Management LLC lifted its holdings in shares of Cadence Bank by 846.1% during the fourth quarter. Millennium Management LLC now owns 1,052,906 shares of the company's stock worth $36,273,000 after purchasing an additional 941,613 shares during the period. Boston Partners acquired a new stake in shares of Cadence Bank during the fourth quarter worth $24,834,000. First Trust Advisors LP lifted its holdings in shares of Cadence Bank by 21.2% during the fourth quarter. First Trust Advisors LP now owns 2,634,335 shares of the company's stock worth $90,753,000 after purchasing an additional 460,486 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Cadence Bank during the fourth quarter worth $13,225,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on CADE. Barclays reduced their target price on Cadence Bank from $44.00 to $38.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. DA Davidson reduced their target price on Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Wall Street Zen raised Cadence Bank from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Piper Sandler reduced their target price on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Finally, Hovde Group raised their target price on Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Cadence Bank presently has a consensus rating of "Moderate Buy" and an average price target of $36.82.

Cadence Bank Trading Down 1.0%

Shares of CADE stock traded down $0.30 during mid-day trading on Friday, reaching $30.35. The stock had a trading volume of 827,549 shares, compared to its average volume of 1,304,540. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $40.20. The company has a market cap of $5.53 billion, a P/E ratio of 10.96 and a beta of 0.84. The business has a 50-day simple moving average of $29.55 and a 200 day simple 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 for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $451.61 million. During the same quarter last year, the business posted $0.62 earnings per share. Research analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Dividend Announcement

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

Cadence Bank announced that its board has approved a share repurchase program on Friday, April 25th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its stock is 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.