Millennium Management LLC Buys 941,613 Shares of Cadence Bank (NYSE:CADE)

Millennium Management LLC raised its position in Cadence Bank (NYSE:CADE - Free Report) by 846.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,052,906 shares of the company's stock after buying 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 hedge funds and other institutional investors also recently made changes to their positions in CADE. Barclays PLC increased its stake in Cadence Bank by 63.7% in the third quarter. Barclays PLC now owns 441,669 shares of the company's stock valued at $14,067,000 after acquiring an additional 171,940 shares during the last quarter. Franklin Resources Inc. bought a new position in shares of Cadence Bank in the 3rd quarter valued at $947,000. Wealthcare Advisory Partners LLC increased its stake in shares of Cadence Bank by 3.5% in the 4th quarter. Wealthcare Advisory Partners LLC now owns 20,970 shares of the company's stock valued at $722,000 after purchasing an additional 715 shares during the last quarter. Brooklyn Investment Group acquired a new position in shares of Cadence Bank during the 4th quarter worth $26,000. Finally, Capstone Wealth Management LLC bought a new stake in shares of Cadence Bank during the 4th quarter worth $669,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Price Performance

Shares of Cadence Bank stock traded down $1.08 during midday trading on Wednesday, reaching $30.47. The company had a trading volume of 941,498 shares, compared to its average volume of 1,293,148. The firm has a market cap of $5.55 billion, a PE ratio of 11.00 and a beta of 0.84. The stock has a fifty day moving average price of $29.55 and a 200 day moving average price of $33.21. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20.

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

Cadence Bank announced that its Board of Directors has approved a stock repurchase plan 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. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a yield of 3.61%. Cadence Bank's dividend payout ratio (DPR) is currently 38.60%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Piper Sandler decreased 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. Barclays cut their price objective on Cadence Bank from $44.00 to $38.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Citigroup upped their target price on Cadence Bank from $37.00 to $38.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. DA Davidson cut their price target on Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Finally, Royal Bank of Canada reduced their price target on Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Cadence Bank presently has a consensus rating of "Moderate Buy" and a consensus 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.