Rhumbline Advisers Reduces Stock Position in Cadence Bank (NYSE:CADE)

Rhumbline Advisers cut its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 2.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 611,753 shares of the company's stock after selling 12,424 shares during the period. Rhumbline Advisers owned approximately 0.34% of Cadence Bank worth $18,573,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in Cadence Bank by 4,615.4% in the 1st quarter. GAMMA Investing LLC now owns 87,801 shares of the company's stock valued at $2,892,000 after acquiring an additional 85,939 shares in the last quarter. Moody National Bank Trust Division boosted its position in shares of Cadence Bank by 6.4% during the 1st quarter. Moody National Bank Trust Division now owns 38,176 shares of the company's stock worth $1,159,000 after acquiring an additional 2,310 shares in the last quarter. Mascagni Wealth Management Inc. purchased a new position in shares of Cadence Bank in the 4th quarter valued at about $794,000. Mackenzie Financial Corp increased its holdings in shares of Cadence Bank by 122.5% in the 4th quarter. Mackenzie Financial Corp now owns 300,652 shares of the company's stock valued at $10,357,000 after acquiring an additional 165,509 shares during the last quarter. Finally, Forum Financial Management LP acquired a new stake in shares of Cadence Bank during the 4th quarter worth about $216,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Stock Up 1.1%

NYSE:CADE traded up $0.36 during midday trading on Tuesday, reaching $31.41. The stock had a trading volume of 804,941 shares, compared to its average volume of 1,286,320. The stock has a market cap of $5.72 billion, a P/E ratio of 11.34 and a beta of 0.84. The firm has a fifty day simple moving average of $29.61 and a two-hundred day simple moving average of $32.49. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its 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 18.03% and a return on equity of 9.87%. The business had revenue of $448.55 million for the quarter, compared to the consensus estimate of $451.61 million. During the same quarter in the previous year, the firm earned $0.62 earnings per share. On average, sell-side analysts anticipate 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 authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank's payout ratio is 38.60%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CADE shares. Keefe, Bruyette & Woods upped their price target on Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a report on Friday, May 9th. Stephens restated an "overweight" rating and issued a $40.00 target price on shares of Cadence Bank in a report on Tuesday, April 22nd. Morgan Stanley cut their price target on shares of Cadence Bank from $46.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Hovde Group boosted their price target on shares of Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Finally, DA Davidson dropped their price objective on Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $36.82.

Cadence Bank 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.