Nomura Holdings Inc. Buys Shares of 24,243 Cadence Bank (NYSE:CADE)

Nomura Holdings Inc. bought a new stake in Cadence Bank (NYSE:CADE - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 24,243 shares of the company's stock, valued at approximately $835,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brooklyn Investment Group purchased a new stake in Cadence Bank in the fourth quarter valued at $26,000. Mather Group LLC. raised its position in Cadence Bank by 716.2% in the fourth quarter. Mather Group LLC. now owns 808 shares of the company's stock valued at $28,000 after purchasing an additional 709 shares during the period. Keystone Financial Group Inc. purchased a new stake in Cadence Bank in the fourth quarter valued at $31,000. Smartleaf Asset Management LLC raised its position in Cadence Bank by 163.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company's stock valued at $40,000 after purchasing an additional 722 shares during the period. Finally, Parkside Financial Bank & Trust raised its position in Cadence Bank by 504.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company's stock valued at $59,000 after purchasing an additional 1,434 shares during the period. Hedge funds and other institutional investors own 84.61% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CADE. Piper Sandler cut their price objective on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Keefe, Bruyette & Woods boosted their price objective on Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a report on Friday, May 9th. Hovde Group boosted their price objective on Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Stephens reiterated an "overweight" rating and issued a $40.00 price objective on shares of Cadence Bank in a report on Tuesday, April 22nd. Finally, Morgan Stanley cut their price objective on Cadence Bank from $46.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $36.82.

Cadence Bank Price Performance

Shares of NYSE CADE opened at $31.67 on Tuesday. The stock's 50-day moving average is $29.50 and its two-hundred day moving average is $33.22. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20. The company has a market cap of $5.77 billion, a price-to-earnings ratio of 11.43 and a beta of 0.84.

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 for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $451.61 million. During the same quarter in the prior year, the business earned $0.62 EPS. Equities research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

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 given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.10 annualized dividend and a dividend yield of 3.47%. Cadence Bank's dividend payout ratio is currently 38.60%.

Cadence Bank declared that its board has initiated a stock buyback program on Friday, April 25th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company's board 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.