Voya Investment Management LLC Purchases 41,764 Shares of Cadence Bank $CADE

Key Points

• Voya Investment Management LLC increased its shareholding in Cadence Bank by 25.5%, now owning approximately 205,461 shares valued at $6.24 million.
• Institutional investors now hold 84.61% of Cadence Bank's stock, with notable stakes also acquired by Strs Ohio and Goldman Sachs Group Inc.
• Cadence Bank recently declared a quarterly dividend of $0.275 to be paid on October 1st, resulting in an annualized dividend yield of 3.0%.

Voya Investment Management LLC grew its stake in shares of Cadence Bank (NYSE:CADE - Free Report) by 25.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 205,461 shares of the company's stock after acquiring an additional 41,764 shares during the quarter. Voya Investment Management LLC owned about 0.11% of Cadence Bank worth $6,238,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Cadence Bank by 0.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 51,634 shares of the company's stock valued at $1,568,000 after purchasing an additional 480 shares in the last quarter. Johnson Investment Counsel Inc. grew its stake in Cadence Bank by 8.6% in the 1st quarter. Johnson Investment Counsel Inc. now owns 7,317 shares of the company's stock worth $222,000 after buying an additional 578 shares in the last quarter. Xponance Inc. boosted its position in Cadence Bank by 2.3% during the 1st quarter. Xponance Inc. now owns 26,415 shares of the company's stock valued at $802,000 after buying an additional 587 shares during the period. State of Michigan Retirement System raised its holdings in Cadence Bank by 1.4% in the 1st quarter. State of Michigan Retirement System now owns 43,910 shares of the company's stock worth $1,333,000 after purchasing an additional 600 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in shares of Cadence Bank by 1.2% in the 1st quarter. Louisiana State Employees Retirement System now owns 51,400 shares of the company's stock worth $1,561,000 after acquiring an additional 600 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Price Performance

Shares of CADE traded up $1.26 on Thursday, hitting $38.11. The company's stock had a trading volume of 2,038,568 shares, compared to its average volume of 1,792,860. The company has a 50 day moving average price of $36.05 and a 200 day moving average price of $32.33. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market capitalization of $6.94 billion, a PE ratio of 13.56 and a beta of 0.91.

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

Cadence Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.10 annualized dividend and a dividend yield of 2.9%. Cadence Bank's payout ratio is currently 39.15%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CADE shares. Keefe, Bruyette & Woods raised their target price on shares of Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Wall Street Zen downgraded shares of Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Piper Sandler raised their price objective on Cadence Bank from $42.00 to $43.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Royal Bank Of Canada raised their price objective on Cadence Bank from $34.00 to $37.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Finally, DA Davidson boosted their target price 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 equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $40.40.

Cadence Bank Company 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.