MetLife Investment Management LLC Acquires 14,780 Shares of Cadence Bank (NYSE:CADE)

MetLife Investment Management LLC lifted its stake in shares of Cadence Bank (NYSE:CADE - Free Report) by 7.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 209,589 shares of the company's stock after purchasing an additional 14,780 shares during the quarter. MetLife Investment Management LLC owned 0.12% of Cadence Bank worth $7,220,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Oregon Public Employees Retirement Fund increased its holdings in Cadence Bank by 0.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 37,274 shares of the company's stock valued at $1,284,000 after buying an additional 300 shares during the period. GAMMA Investing LLC increased its stake in Cadence Bank by 19.3% in the fourth quarter. GAMMA Investing LLC now owns 1,862 shares of the company's stock valued at $64,000 after acquiring an additional 301 shares during the last quarter. Ironwood Investment Management LLC increased its stake in Cadence Bank by 1.2% in the fourth quarter. Ironwood Investment Management LLC now owns 30,170 shares of the company's stock valued at $1,039,000 after acquiring an additional 354 shares during the last quarter. Arizona State Retirement System raised its position in Cadence Bank by 0.8% during the fourth quarter. Arizona State Retirement System now owns 53,034 shares of the company's stock valued at $1,827,000 after purchasing an additional 415 shares in the last quarter. Finally, Sit Investment Associates Inc. lifted its stake in Cadence Bank by 2.4% during the fourth quarter. Sit Investment Associates Inc. now owns 25,750 shares of the company's stock worth $887,000 after purchasing an additional 600 shares during the last quarter. Institutional investors own 84.61% of the company's stock.

Wall Street Analyst Weigh In

CADE has been the topic of several recent analyst reports. Morgan Stanley decreased their price target on Cadence Bank from $46.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Royal Bank of Canada decreased their target price on 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. Piper Sandler dropped their target price on shares of Cadence Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Citigroup lifted their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a "neutral" rating in a report on Monday, January 27th. Finally, Stephens restated an "overweight" rating and issued a $40.00 target price on shares of Cadence Bank in a research report on Tuesday, April 22nd. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $37.36.

Cadence Bank Price Performance

Shares of Cadence Bank stock traded down $0.46 during trading on Monday, hitting $28.39. The company's stock had a trading volume of 985,599 shares, compared to its average volume of 1,274,405. The stock has a market cap of $5.17 billion, a price-to-earnings ratio of 10.26 and a beta of 0.87. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20. The stock has a 50-day moving average price of $29.81 and a two-hundred day moving average price of $33.51.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.07. The company had revenue of $448.55 million during the quarter, compared to analysts' expectations of $451.61 million. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same quarter in the prior year, the firm posted $0.62 earnings per share. On average, equities analysts predict that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a $0.275 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.88%. Cadence Bank's dividend payout ratio (DPR) is currently 38.60%.

Cadence Bank declared that its Board of Directors has authorized a share repurchase program on Friday, April 25th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

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.