13,075 Shares in Cadence Bank (NYSE:CADE) Acquired by Vestcor Inc

Key Points

• Vestcor Inc has acquired a new stake in Cadence Bank, purchasing 13,075 shares valued at approximately $397,000 during the first quarter.
• Cadence Bank announced a quarterly dividend of $0.275 per share, with a yield of 3.2%, and set the ex-dividend date for September 15th.
• Analysts have a consensus rating of "Moderate Buy" for Cadence Bank, with a price target of $40.40, indicating positive outlook from multiple equity research firms.

Vestcor Inc purchased a new stake in shares of Cadence Bank (NYSE:CADE - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 13,075 shares of the company's stock, valued at approximately $397,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CADE. Millennium Management LLC increased its holdings in Cadence Bank by 846.1% during the fourth quarter. Millennium Management LLC now owns 1,052,906 shares of the company's stock worth $36,273,000 after buying an additional 941,613 shares during the last quarter. Bessemer Group Inc. increased its holdings in Cadence Bank by 76,386.7% in the 1st quarter. Bessemer Group Inc. now owns 615,718 shares of the company's stock valued at $18,694,000 after buying an additional 614,913 shares during the period. First Trust Advisors LP boosted its stake in shares of Cadence Bank by 21.2% in the 4th quarter. First Trust Advisors LP now owns 2,634,335 shares of the company's stock valued at $90,753,000 after purchasing an additional 460,486 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Cadence Bank by 15.0% in the 4th quarter. Northern Trust Corp now owns 2,684,312 shares of the company's stock valued at $92,475,000 after purchasing an additional 350,660 shares in the last quarter. Finally, Barclays PLC boosted its position in Cadence Bank by 70.9% during the 4th quarter. Barclays PLC now owns 754,950 shares of the company's stock worth $26,007,000 after buying an additional 313,281 shares during the period. Institutional investors and hedge funds own 84.61% of the company's stock.

Cadence Bank Stock Down 1.3%

Shares of CADE traded down $0.46 during trading hours on Thursday, hitting $33.99. The company had a trading volume of 675,527 shares, compared to its average volume of 1,456,443. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20. The firm has a fifty day moving average price of $33.03 and a 200-day moving average price of $31.87. The stock has a market capitalization of $6.19 billion, a price-to-earnings ratio of 12.11 and a beta of 0.89. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87.

Cadence Bank (NYSE:CADE - Get Free Report) last released its 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 during the quarter, compared to analyst estimates of $467.60 million. During the same period in the prior year, the firm posted $0.73 EPS. On average, equities research analysts forecast that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank declared that its Board of Directors has authorized a stock buyback program on Friday, April 25th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its stock is undervalued.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a dividend of $0.275 per share. The ex-dividend date is Monday, September 15th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.2%. Cadence Bank's payout ratio is presently 39.15%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Royal Bank Of Canada lifted their price objective on shares of Cadence Bank from $34.00 to $37.00 and gave the company a "sector perform" rating in a research note on Friday, July 25th. Wall Street Zen lowered shares of Cadence Bank from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Hovde Group increased their price target on shares of Cadence Bank from $34.00 to $40.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. Piper Sandler increased their price target on shares of Cadence Bank from $42.00 to $43.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Cadence Bank from $40.00 to $41.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.40.

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.