Pinebridge Investments L.P. Has $2.40 Million Stock Holdings in Cadence Bank (NYSE:CADE)

Pinebridge Investments L.P. boosted its position in Cadence Bank (NYSE:CADE - Free Report) by 42.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 69,555 shares of the company's stock after purchasing an additional 20,809 shares during the quarter. Pinebridge Investments L.P.'s holdings in Cadence Bank were worth $2,396,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Brooklyn Investment Group acquired a new position in shares of Cadence Bank during the 4th quarter valued at about $26,000. Mather Group LLC. increased its stake in shares of Cadence Bank by 716.2% during the 4th quarter. Mather Group LLC. now owns 808 shares of the company's stock valued at $28,000 after acquiring an additional 709 shares during the last quarter. Keystone Financial Group Inc. acquired a new position in shares of Cadence Bank during the 4th quarter valued at about $31,000. Smartleaf Asset Management LLC increased its stake in shares of Cadence Bank by 163.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company's stock valued at $40,000 after acquiring an additional 722 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its stake in shares of Cadence Bank by 504.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company's stock valued at $59,000 after acquiring an additional 1,434 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on CADE shares. DA Davidson cut their price target on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Hovde Group lifted their price target on shares of Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Tuesday. Piper Sandler decreased their price target 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. Barclays decreased their price target on shares of Cadence Bank from $44.00 to $38.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Finally, Citigroup boosted their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the company a "neutral" rating in a research note on Monday, January 27th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $37.27.

Cadence Bank Trading Up 1.7 %

Shares of NYSE CADE traded up $0.49 during mid-day trading on Thursday, reaching $29.75. The company had a trading volume of 1,361,377 shares, compared to its average volume of 1,291,235. The stock has a market cap of $5.42 billion, a PE ratio of 10.74 and a beta of 0.87. The company has a 50-day moving average price of $29.57 and a two-hundred day moving average price of $33.43. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its earnings results on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.64 by $0.07. The business had revenue of $448.55 million for 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 period in the previous year, the firm posted $0.62 EPS. On average, research analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Announces Dividend

The firm also recently announced 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 of this dividend is Friday, June 13th. This represents a $1.10 annualized dividend and a dividend yield of 3.70%. Cadence Bank's dividend payout ratio (DPR) is presently 38.60%.

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

About Cadence Bank

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.