Neo Ivy Capital Management Purchases New Shares in Cadence Bank (NYSE:CADE)

Neo Ivy Capital Management bought a new position in shares of Cadence Bank (NYSE:CADE - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 10,014 shares of the company's stock, valued at approximately $344,000.

Other large investors also recently bought and sold shares of the company. GTS Securities LLC purchased a new stake in Cadence Bank in the 4th quarter valued at $454,000. Focus Partners Advisor Solutions LLC acquired a new stake in Cadence Bank in the 4th quarter valued at about $690,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Cadence Bank by 15.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 464,379 shares of the company's stock valued at $15,998,000 after purchasing an additional 63,459 shares in the last quarter. Two Sigma Investments LP purchased a new position in shares of Cadence Bank in the 4th quarter valued at about $1,110,000. Finally, Tidal Investments LLC increased its holdings in shares of Cadence Bank by 54.0% in the 4th quarter. Tidal Investments LLC now owns 15,041 shares of the company's stock valued at $518,000 after acquiring an additional 5,272 shares during the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Cadence Bank Stock Performance

Shares of NYSE CADE traded up $0.20 during trading hours on Thursday, hitting $30.43. 262,471 shares of the stock were exchanged, compared to its average volume of 1,300,180. The company has a market cap of $5.54 billion, a PE ratio of 10.99 and a beta of 0.84. The company's fifty day simple moving average is $29.57 and its two-hundred day simple moving average is $33.00. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its earnings results on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates of $0.64 by $0.07. The business had revenue of $448.55 million during the quarter, compared to the consensus estimate 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 firm earned $0.62 earnings per share. As a group, sell-side analysts expect that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank declared that its Board of Directors has initiated a share repurchase plan on Friday, April 25th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Cadence Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders 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 dividend yield of 3.61%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank's dividend payout ratio is currently 38.60%.

Analyst Ratings Changes

CADE has been the subject of several recent analyst reports. Wall Street Zen raised Cadence Bank from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Royal Bank of Canada dropped their price target on Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. DA Davidson decreased their price target on Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Piper Sandler cut their price objective on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Finally, Hovde Group increased their price objective on Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Cadence Bank presently has a consensus rating of "Moderate Buy" and an average target price of $36.82.

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.