T. Rowe Price Investment Management Inc. Has $189.05 Million Stock Holdings in Cadence Bank (NYSE:CADE)

T. Rowe Price Investment Management Inc. cut its stake in shares of Cadence Bank (NYSE:CADE - Free Report) by 3.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,487,695 shares of the company's stock after selling 173,261 shares during the quarter. T. Rowe Price Investment Management Inc. owned 3.01% of Cadence Bank worth $189,052,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Stifel Financial Corp increased its holdings in Cadence Bank by 18.1% in the third quarter. Stifel Financial Corp now owns 21,034 shares of the company's stock valued at $670,000 after buying an additional 3,218 shares in the last quarter. Barclays PLC boosted its position in Cadence Bank by 63.7% during the third quarter. Barclays PLC now owns 441,669 shares of the company's stock worth $14,067,000 after acquiring an additional 171,940 shares during the last quarter. Tidal Investments LLC boosted its position in Cadence Bank by 8.1% during the third quarter. Tidal Investments LLC now owns 9,769 shares of the company's stock worth $311,000 after acquiring an additional 730 shares during the last quarter. Synovus Financial Corp acquired a new stake in Cadence Bank during the third quarter worth approximately $848,000. Finally, Franklin Resources Inc. acquired a new stake in Cadence Bank during the third quarter worth approximately $947,000. 84.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CADE has been the topic of a number of analyst reports. Piper Sandler decreased their target price on shares of Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd. Stephens restated an "overweight" rating and set a $40.00 target price on shares of Cadence Bank in a research report on Tuesday, April 22nd. Barclays decreased their target price on shares of Cadence Bank from $44.00 to $38.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Morgan Stanley cut their price target on shares of Cadence Bank from $46.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Finally, Hovde Group lifted their price target on shares of Cadence Bank from $32.00 to $34.00 and gave the stock an "outperform" rating in a research note on Tuesday. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $37.27.

Cadence Bank Stock Up 2.4 %

NYSE CADE traded up $0.70 on Tuesday, reaching $29.75. 454,956 shares of the stock traded hands, compared to its average volume of 1,277,573. The firm's fifty day simple moving average is $29.71 and its 200 day simple moving average is $33.48. The company has a market cap of $5.42 billion, a price-to-earnings ratio of 10.73 and a beta of 0.87. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly earnings data on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.07. The business had revenue of $448.55 million during the quarter, compared to analyst estimates 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 last year, the company posted $0.62 EPS. As a group, equities research analysts forecast that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

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 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.

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.