NorthCrest Asset Manangement LLC Takes Position in Cadence Bank (NYSE:CADE)

NorthCrest Asset Manangement LLC bought a new stake in Cadence Bank (NYSE:CADE - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 27,851 shares of the company's stock, valued at approximately $846,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in CADE. CX Institutional acquired a new position in Cadence Bank in the first quarter valued at approximately $122,000. Handelsbanken Fonder AB grew its holdings in Cadence Bank by 27.2% during the 1st quarter. Handelsbanken Fonder AB now owns 50,958 shares of the company's stock worth $1,547,000 after acquiring an additional 10,900 shares during the period. SG Americas Securities LLC bought a new stake in shares of Cadence Bank during the 1st quarter valued at $1,161,000. GAMMA Investing LLC lifted its stake in shares of Cadence Bank by 55.3% in the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after purchasing an additional 1,030 shares during the period. Finally, UMB Bank n.a. lifted its stake in shares of Cadence Bank by 169.6% in the 1st quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock valued at $54,000 after purchasing an additional 1,116 shares during the period. Institutional investors own 84.61% of the company's stock.

Cadence Bank Stock Up 2.0%

NYSE CADE traded up $0.60 during trading hours on Wednesday, reaching $30.36. 617,297 shares of the company's stock were exchanged, compared to its average volume of 1,280,108. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market capitalization of $5.53 billion, a price-to-earnings ratio of 10.66 and a beta of 0.84. The company's 50-day moving average is $29.96 and its two-hundred day moving average is $32.21. Cadence Bank has a one year low of $25.22 and a one year high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.07. Cadence Bank had a net margin of 18.83% and a return on equity of 9.95%. 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 prior year, the company earned $0.62 earnings per share. On average, analysts forecast that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.10 annualized dividend and a yield of 3.62%. Cadence Bank's dividend payout ratio is currently 38.60%.

Cadence Bank declared that its board has authorized a stock repurchase program on Friday, April 25th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Wall Street Zen cut Cadence Bank from a "hold" rating to a "sell" rating in a research note on Saturday. Keefe, Bruyette & Woods boosted their target price on Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th. Hovde Group upped their price target on Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Royal Bank Of Canada cut their price target on shares of 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. Finally, DA Davidson decreased their price objective on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus 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.