NorthCrest Asset Manangement LLC Purchases Shares of 27,851 Cadence Bank (NYSE:CADE)

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

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

Cadence Bank Trading Down 3.8%

Cadence Bank stock traded down $1.20 during midday trading on Friday, reaching $29.97. The company's stock had a trading volume of 1,056,322 shares, compared to its average volume of 1,284,145. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20. The business has a 50-day moving average price of $29.87 and a 200-day moving average price of $32.32. The stock has a market cap of $5.46 billion, a PE ratio of 10.82 and a beta of 0.84.

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, topping the consensus estimate of $0.64 by $0.07. The company had revenue of $448.55 million for the quarter, compared to analysts' expectations of $451.61 million. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period in the previous year, the business posted $0.62 earnings per share. As a group, research analysts predict that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently declared 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 annualized dividend and a dividend yield of 3.67%. The ex-dividend date is Friday, June 13th. Cadence Bank's dividend payout ratio (DPR) is currently 38.60%.

Cadence Bank declared that its board has approved a share buyback program on Friday, April 25th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Hovde Group lifted their target price on Cadence Bank from $32.00 to $34.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Barclays decreased their price target on Cadence Bank from $44.00 to $38.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. DA Davidson decreased their price target on Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Keefe, Bruyette & Woods raised their price target on Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th. Finally, Stephens restated an "overweight" rating and issued a $40.00 price target on shares of Cadence Bank in a research report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Cadence Bank presently has an average rating of "Moderate Buy" and an average 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.