T. Rowe Price Investment Management Inc. Acquires 32,362 Shares of Cadence Bank $CADE

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Cadence Bank by acquiring an additional 32,362 shares, bringing its total to approximately 5.52 million shares, valued at $167.59 million.
• Analysts have raised their price targets for Cadence Bank, with estimates now ranging from $37.00 to $43.00, indicating a strong sentiment toward the stock.
• Cadence Bank recently declared a quarterly dividend of $0.275 per share, yielding approximately 3.1%, with a payout ratio of 39.15%.

T. Rowe Price Investment Management Inc. grew its holdings in shares of Cadence Bank (NYSE:CADE - Free Report) by 0.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,520,057 shares of the company's stock after purchasing an additional 32,362 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 3.03% of Cadence Bank worth $167,589,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Teacher Retirement System of Texas raised its holdings in Cadence Bank by 312.7% during the first quarter. Teacher Retirement System of Texas now owns 49,592 shares of the company's stock valued at $1,506,000 after buying an additional 37,576 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Cadence Bank by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 425,330 shares of the company's stock valued at $12,913,000 after acquiring an additional 5,221 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of Cadence Bank by 3.1% in the 1st quarter. State of Alaska Department of Revenue now owns 21,500 shares of the company's stock valued at $652,000 after acquiring an additional 640 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Cadence Bank by 2.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 69,707 shares of the company's stock worth $2,116,000 after purchasing an additional 1,670 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in 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 purchasing an additional 1,030 shares during the period. 84.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on CADE. Piper Sandler lifted their price target on shares of Cadence Bank from $42.00 to $43.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Royal Bank Of Canada lifted their target price on shares of Cadence Bank from $34.00 to $37.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Keefe, Bruyette & Woods boosted their target price on shares of Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Hovde Group raised their price target on Cadence Bank from $34.00 to $40.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. Finally, DA Davidson lifted their price objective on Cadence Bank from $37.00 to $42.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $40.40.

Cadence Bank Price Performance

NYSE:CADE opened at $35.43 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87. Cadence Bank has a one year low of $25.22 and a one year high of $40.20. The company has a fifty day moving average price of $33.94 and a 200 day moving average price of $31.86. The stock has a market cap of $6.46 billion, a P/E ratio of 12.61 and a beta of 0.89.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.04. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. The company had revenue of $476.32 million for the quarter, compared to analyst estimates of $467.60 million. During the same period last year, the business posted $0.73 EPS. Analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank announced that its Board of Directors has approved a share buyback program on Friday, April 25th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.1%. The ex-dividend date is Monday, September 15th. Cadence Bank's payout ratio is currently 39.15%.

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.

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