Neo Ivy Capital Management Invests $344,000 in Cadence Bank (NYSE:CADE)

Neo Ivy Capital Management purchased a new stake in Cadence Bank (NYSE:CADE - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 10,014 shares of the company's stock, valued at approximately $344,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of CADE. Mather Group LLC. lifted its position in Cadence Bank by 716.2% during the fourth quarter. Mather Group LLC. now owns 808 shares of the company's stock valued at $28,000 after buying an additional 709 shares in the last quarter. Keystone Financial Group Inc. bought a new position in Cadence Bank during the 4th quarter worth approximately $31,000. Smartleaf Asset Management LLC boosted its holdings in Cadence Bank by 163.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company's stock worth $40,000 after purchasing an additional 722 shares during the period. Parkside Financial Bank & Trust grew its position in shares of Cadence Bank by 504.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company's stock valued at $59,000 after buying an additional 1,434 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its holdings in shares of Cadence Bank by 1,601.0% during the fourth quarter. Jones Financial Companies Lllp now owns 1,718 shares of the company's stock valued at $59,000 after purchasing an additional 1,617 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company's stock.

Cadence Bank Price Performance

Shares of Cadence Bank stock traded down $0.61 on Wednesday, hitting $30.25. The company had a trading volume of 900,317 shares, compared to its average volume of 1,302,721. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20. The company has a market cap of $5.51 billion, a PE ratio of 10.92 and a beta of 0.84. The business has a 50-day simple moving average of $29.57 and a 200-day simple moving average of $33.01.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $448.55 million during the quarter, compared to analyst estimates of $451.61 million. During the same period last year, the company posted $0.62 EPS. On average, equities research analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank announced that its Board of Directors has approved a stock repurchase program on Friday, April 25th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Cadence Bank Dividend Announcement

The company also recently announced 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%.

Analyst Ratings Changes

Several brokerages recently issued reports on CADE. Piper Sandler cut their price target on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Morgan Stanley reduced their price target 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. Royal Bank of Canada lowered their price target on shares of Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. Wall Street Zen raised shares of Cadence Bank from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, DA Davidson decreased their target price on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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.