Vest Financial LLC Purchases 28,258 Shares of Cadence Bank (NYSE:CADE)

Vest Financial LLC boosted its stake in shares of Cadence Bank (NYSE:CADE - Free Report) by 39.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,099 shares of the company's stock after buying an additional 28,258 shares during the quarter. Vest Financial LLC owned approximately 0.05% of Cadence Bank worth $3,039,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Cadence Bank by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company's stock worth $705,821,000 after acquiring an additional 191,717 shares in the last quarter. Northern Trust Corp boosted its holdings in Cadence Bank by 15.0% during the 4th quarter. Northern Trust Corp now owns 2,684,312 shares of the company's stock valued at $92,475,000 after acquiring an additional 350,660 shares during the period. First Trust Advisors LP grew its stake in Cadence Bank by 21.2% during the 4th quarter. First Trust Advisors LP now owns 2,634,335 shares of the company's stock worth $90,753,000 after purchasing an additional 460,486 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Cadence Bank by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company's stock valued at $77,678,000 after purchasing an additional 12,309 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Cadence Bank by 7.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 2,234,733 shares of the company's stock worth $76,986,000 after acquiring an additional 151,215 shares in the last quarter. Institutional investors own 84.61% of the company's stock.

Cadence Bank Stock Up 1.6%

Cadence Bank stock traded up $0.50 during midday trading on Monday, hitting $31.35. The company's stock had a trading volume of 402,509 shares, compared to its average volume of 1,288,138. The company has a market capitalization of $5.71 billion, a PE ratio of 11.32 and a beta of 0.84. The stock's 50-day moving average price is $29.52 and its 200-day moving average price is $32.55. 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 analysts' consensus estimates of $0.64 by $0.07. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. The company had revenue of $448.55 million for the quarter, compared to the consensus estimate of $451.61 million. During the same quarter in the prior year, the company earned $0.62 EPS. As a group, equities analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

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 3.51%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank's payout ratio is 38.60%.

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

Analyst Upgrades and Downgrades

CADE has been the topic of a number of recent analyst reports. DA Davidson dropped their price target on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Keefe, Bruyette & Woods boosted their price objective on shares of Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a research note on Friday, May 9th. Piper Sandler decreased their price objective on shares of Cadence Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Royal Bank of Canada reduced their target price 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. Finally, Wall Street Zen downgraded shares of Cadence Bank from a "hold" rating to a "sell" rating in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price 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.