Victory Capital Management Inc. Increases Stake in Cadence Bank (NYSE:CADE)

Victory Capital Management Inc. raised its holdings in shares of Cadence Bank (NYSE:CADE - Free Report) by 107.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 104,514 shares of the company's stock after acquiring an additional 54,061 shares during the quarter. Victory Capital Management Inc. owned approximately 0.06% of Cadence Bank worth $3,173,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of CADE. Teacher Retirement System of Texas lifted its position in Cadence Bank by 16.7% during the fourth quarter. Teacher Retirement System of Texas now owns 12,016 shares of the company's stock valued at $414,000 after purchasing an additional 1,721 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Cadence Bank by 7.9% in the fourth quarter. American Century Companies Inc. now owns 160,735 shares of the company's stock worth $5,537,000 after buying an additional 11,793 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of Cadence Bank in the fourth quarter worth about $1,287,000. LPL Financial LLC lifted its position in shares of Cadence Bank by 39.2% during the 4th quarter. LPL Financial LLC now owns 149,475 shares of the company's stock valued at $5,149,000 after buying an additional 42,097 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position 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 valued at $705,821,000 after buying an additional 191,717 shares in the last quarter. Institutional investors own 84.61% of the company's stock.

Cadence Bank Stock Performance

Shares of NYSE CADE opened at $36.44 on Monday. The company has a market cap of $6.64 billion, a P/E ratio of 12.97 and a beta of 0.84. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. The firm's fifty day moving average is $32.35 and its two-hundred day moving average is $31.82.

Cadence Bank (NYSE:CADE - Get Free Report) last issued 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. The firm had revenue of $476.32 million for the quarter, compared to analysts' expectations of $467.60 million. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%. During the same period in the previous year, the firm posted $0.73 earnings per share. As a group, analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank declared that its board has approved a share repurchase plan on Friday, April 25th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date is Monday, September 15th. Cadence Bank's payout ratio is 39.15%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CADE. Barclays reissued an "overweight" rating and issued a $41.00 target price (up from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Hovde Group increased their price objective on shares of Cadence Bank from $32.00 to $34.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. DA Davidson decreased their price objective on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Piper Sandler upgraded shares of Cadence Bank from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $36.00 to $42.00 in a research note on Tuesday, July 8th. Finally, Royal Bank Of Canada increased their price target on Cadence Bank from $34.00 to $37.00 and gave the stock a "sector perform" rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $38.90.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.