Segall Bryant & Hamill LLC Increases Stock Holdings in Cadence Bank (NYSE:CADE)

Segall Bryant & Hamill LLC increased its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 2.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,370,231 shares of the company's stock after buying an additional 28,363 shares during the period. Cadence Bank comprises about 0.6% of Segall Bryant & Hamill LLC's portfolio, making the stock its 25th biggest position. Segall Bryant & Hamill LLC owned 0.75% of Cadence Bank worth $41,600,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Abound Wealth Management boosted its holdings in Cadence Bank by 223.3% in the first quarter. Abound Wealth Management now owns 1,665 shares of the company's stock valued at $51,000 after purchasing an additional 1,150 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in Cadence Bank by 1,601.0% in 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 in the last quarter. UMB Bank n.a. boosted its holdings in Cadence Bank by 169.6% in the first 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 in the last quarter. State of Wyoming boosted its holdings in Cadence Bank by 172.4% in the fourth quarter. State of Wyoming now owns 2,359 shares of the company's stock valued at $81,000 after purchasing an additional 1,493 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Cadence Bank by 55.3% in the first 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 in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. DA Davidson lowered their price target on Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Stephens reissued an "overweight" rating and issued a $40.00 price objective on shares of Cadence Bank in a report on Tuesday, April 22nd. Hovde Group increased 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. Barclays reissued an "overweight" rating and issued a $41.00 price objective (up from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Finally, Piper Sandler raised Cadence Bank from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $36.00 to $42.00 in a report on Tuesday, July 8th. Three research analysts have rated the stock with a hold rating and eight have assigned 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 $38.50.

Cadence Bank Stock Performance

Shares of NYSE CADE traded down $0.09 during mid-day trading on Friday, hitting $34.91. 1,573,993 shares of the company were exchanged, compared to its average volume of 1,314,373. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.10. The stock has a 50 day simple moving average of $32.00 and a 200-day simple moving average of $31.83. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20. The firm has a market cap of $6.36 billion, a price-to-earnings ratio of 12.25 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 9.95% and a net margin of 18.83%. The firm had revenue of $448.55 million during the quarter, compared to the consensus estimate of $451.61 million. During the same period last year, the company earned $0.62 earnings per share. On average, sell-side analysts forecast that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.15%. The ex-dividend date was Friday, June 13th. Cadence Bank's payout ratio is 38.60%.

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

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.