Wolverine Asset Management LLC Invests $438,000 in Cadence Bank (NYSE:CADE)

Key Points

• Wolverine Asset Management LLC acquired 14,419 shares of Cadence Bank, valued at approximately $438,000, during the first quarter of the year.
• Shares of Cadence Bank are currently trading around $34.29 with a market capitalization of $6.25 billion and strong institutional support, as 84.61% of stock is owned by institutional investors.
• The company declared a quarterly dividend of $0.275 per share, representing a 3.2% dividend yield, with the record date on September 15th.

Wolverine Asset Management LLC bought a new position in Cadence Bank (NYSE:CADE - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 14,419 shares of the company's stock, valued at approximately $438,000.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Barclays reissued an "overweight" rating and issued a $41.00 target price (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Hovde Group boosted their target price on shares of Cadence Bank from $34.00 to $40.00 and gave the company a "market perform" rating in a report on Monday, July 28th. Stephens raised their price target on shares of Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Wall Street Zen cut shares of Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Finally, Keefe, Bruyette & Woods raised their price objective on Cadence Bank from $40.00 to $41.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $40.40.

Cadence Bank Stock Up 0.3%

Shares of CADE traded up $0.12 during trading hours on Thursday, hitting $36.23. The company had a trading volume of 1,060,427 shares, compared to its average volume of 1,448,209. 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 $33.47 and a 200-day moving average price of $31.85. 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 stock has a market capitalization of $6.60 billion, a price-to-earnings ratio of 12.89 and a beta of 0.89.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.04. The company had revenue of $476.32 million during the quarter, compared to the consensus estimate of $467.60 million. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. During the same quarter 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 announced that its board has approved a stock repurchase plan on Friday, April 25th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.0%. The ex-dividend date is Monday, September 15th. Cadence Bank's payout ratio is 39.15%.

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.