GAMMA Investing LLC Increases Position in Cadence Bank (NYSE:CADE)

GAMMA Investing LLC lifted its holdings in Cadence Bank (NYSE:CADE) by 4,615.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,801 shares of the company’s stock after purchasing an additional 85,939 shares during the period. GAMMA Investing LLC’s holdings in Cadence Bank were worth $2,892,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of CADE. Choreo LLC purchased a new position in shares of Cadence Bank in the 4th quarter valued at about $348,000. New York State Teachers Retirement System increased its stake in Cadence Bank by 5.9% during the 4th quarter. New York State Teachers Retirement System now owns 236,546 shares of the company’s stock worth $8,149,000 after buying an additional 13,187 shares in the last quarter. Rhumbline Advisers increased its stake in Cadence Bank by 2.2% during the 4th quarter. Rhumbline Advisers now owns 624,177 shares of the company’s stock worth $21,503,000 after buying an additional 13,507 shares in the last quarter. Callahan Advisors LLC purchased a new stake in Cadence Bank during the 4th quarter worth approximately $225,000. Finally, Handelsbanken Fonder AB increased its stake in Cadence Bank by 19.0% during the 4th quarter. Handelsbanken Fonder AB now owns 40,058 shares of the company’s stock worth $1,380,000 after buying an additional 6,400 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Royal Bank of Canada cut their price objective on Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 23rd. Barclays cut their price objective on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Hovde Group boosted their price objective on Cadence Bank from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Piper Sandler cut their price objective on Cadence Bank from $38.00 to $36.00 and set a “neutral” rating for the company in a research note on Wednesday, April 23rd. Finally, Keefe, Bruyette & Woods boosted their price objective on Cadence Bank from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $36.82.

Cadence Bank Price Performance

CADE stock opened at $31.17 on Friday. The business has a 50 day simple moving average of $29.79 and a 200-day simple moving average of $32.43. The firm has a market capitalization of $5.68 billion, a PE ratio of 11.25 and a beta of 0.84. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $40.20.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 in the prior year, the business earned $0.62 earnings per share. On average, equities research analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors 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 yield of 3.53%. Cadence Bank’s payout ratio is 38.60%.

Cadence Bank declared that its Board of Directors has authorized a stock repurchase program on Friday, April 25th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board 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.