Vaughan Nelson Investment Management L.P. Raises Stock Position in Cadence Bank (NYSE:CADE)

Vaughan Nelson Investment Management L.P. boosted its stake in shares of Cadence Bank (NYSE:CADE - Free Report) by 8.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,416,198 shares of the company's stock after buying an additional 181,465 shares during the period. Vaughan Nelson Investment Management L.P. owned approximately 1.33% of Cadence Bank worth $73,356,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its holdings in shares of Cadence Bank by 163.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company's stock valued at $40,000 after buying an additional 722 shares during the last quarter. UMB Bank n.a. lifted its position in 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 acquiring an additional 1,116 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in Cadence Bank by 504.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company's stock valued at $59,000 after purchasing an additional 1,434 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Cadence Bank by 1,601.0% during the 4th 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 during the last quarter. Finally, State of Wyoming increased its holdings in shares of Cadence Bank by 172.4% in the 4th quarter. State of Wyoming now owns 2,359 shares of the company's stock worth $81,000 after purchasing an additional 1,493 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

Cadence Bank Stock Performance

NYSE CADE traded up $0.55 on Wednesday, hitting $30.31. 667,726 shares of the company traded hands, compared to its average volume of 1,280,307. The business's 50 day moving average price is $29.96 and its 200-day moving average price is $32.21. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $5.52 billion, a price-to-earnings ratio of 10.63 and a beta of 0.84.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings data on Monday, April 21st. The company reported $0.71 EPS 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 for the quarter, compared to the consensus estimate of $451.61 million. During the same quarter last year, the company earned $0.62 earnings per share. Equities analysts expect that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date is Friday, June 13th. Cadence Bank's payout ratio is 38.60%.

Cadence Bank declared that its board has authorized 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 repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CADE. 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. Morgan Stanley reduced their price target on shares of Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Royal Bank Of Canada lowered their price objective 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. DA Davidson decreased their target price on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, Piper Sandler dropped their price target on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research note 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 company. According to data from MarketBeat, Cadence Bank presently has an average rating of "Moderate Buy" and an average price target 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.