Millennium Management LLC Raises Holdings in Cadence Bank (NYSE:CADE)

Millennium Management LLC boosted its holdings in shares of Cadence Bank (NYSE:CADE - Free Report) by 846.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,052,906 shares of the company's stock after purchasing an additional 941,613 shares during the quarter. Millennium Management LLC owned about 0.58% of Cadence Bank worth $36,273,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CADE. Brooklyn Investment Group bought a new stake in Cadence Bank in the 4th quarter worth approximately $26,000. Mather Group LLC. increased its stake in Cadence Bank by 716.2% in the 4th quarter. Mather Group LLC. now owns 808 shares of the company's stock worth $28,000 after acquiring an additional 709 shares during the last quarter. Keystone Financial Group Inc. bought a new stake in Cadence Bank in the 4th quarter worth approximately $31,000. 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, Parkside Financial Bank & Trust increased its stake in Cadence Bank by 504.9% in 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 during the last quarter. Institutional investors own 84.61% of the company's stock.

Cadence Bank Stock Down 1.5%

CADE traded down $0.46 during trading hours on Friday, reaching $30.20. 1,810,964 shares of the company's stock traded hands, compared to its average volume of 1,300,166. The firm has a 50-day moving average price of $29.56 and a 200 day moving average price of $33.15. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20. The firm has a market capitalization of $5.50 billion, a PE ratio of 10.90 and a beta of 0.84.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings data on Monday, April 21st. The company reported $0.71 earnings per share (EPS) 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 company had revenue of $448.55 million during the quarter, compared to analysts' expectations of $451.61 million. During the same quarter in the previous year, the business earned $0.62 EPS. Equities analysts predict that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank declared that its board has initiated a share buyback plan on Friday, April 25th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date is Friday, June 13th. Cadence Bank's payout ratio is currently 38.60%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CADE shares. Keefe, Bruyette & Woods lifted their price objective on Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a research note on Friday, May 9th. Citigroup boosted their target price on Cadence Bank from $37.00 to $38.00 and gave the company a "neutral" rating in a research report on Monday, January 27th. Piper Sandler cut their target price on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd. Stephens reissued an "overweight" rating and set a $40.00 target price on shares of Cadence Bank in a research report on Tuesday, April 22nd. Finally, Morgan Stanley cut their target price on Cadence Bank from $46.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $36.82.

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.