Handelsbanken Fonder AB Acquires 10,900 Shares of Cadence Bank (NYSE:CADE)

Handelsbanken Fonder AB increased its stake in Cadence Bank (NYSE:CADE) by 27.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,958 shares of the company’s stock after buying an additional 10,900 shares during the quarter. Handelsbanken Fonder AB’s holdings in Cadence Bank were worth $1,547,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Smartleaf Asset Management LLC raised its position in shares of Cadence Bank by 163.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock worth $40,000 after purchasing an additional 722 shares during the period. UMB Bank n.a. grew its stake in shares of Cadence Bank by 169.6% during the 1st quarter. UMB Bank n.a. now owns 1,774 shares of the company’s stock worth $54,000 after acquiring an additional 1,116 shares during the period. Parkside Financial Bank & Trust grew 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 worth $59,000 after acquiring an additional 1,434 shares during the period. Jones Financial Companies Lllp grew its stake in shares of Cadence Bank by 1,601.0% during the 4th quarter. Jones Financial Companies Lllp now owns 1,718 shares of the company’s stock worth $59,000 after acquiring an additional 1,617 shares during the period. Finally, State of Wyoming grew its stake in shares of Cadence Bank by 172.4% during the 4th quarter. State of Wyoming now owns 2,359 shares of the company’s stock worth $81,000 after acquiring an additional 1,493 shares during the period. Institutional investors own 84.61% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Keefe, Bruyette & Woods raised their price target on Cadence Bank from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Friday, May 9th. Wall Street Zen cut Cadence Bank from a “hold” rating to a “sell” rating in a report on Saturday. Piper Sandler decreased their price objective on Cadence Bank from $38.00 to $36.00 and set a “neutral” rating on the stock in a report on Wednesday, April 23rd. DA Davidson reduced their price target on Cadence Bank from $42.00 to $37.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Finally, Barclays reduced their price target on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $36.82.

Cadence Bank Stock Performance

Shares of CADE stock opened at $29.97 on Friday. The stock has a fifty day moving average price of $29.87 and a 200 day moving average price of $32.32. The stock has a market cap of $5.46 billion, a PE ratio of 10.82 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 issued its earnings results 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. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. The company had revenue of $448.55 million during the quarter, compared to the consensus estimate of $451.61 million. During the same quarter in the prior year, the business earned $0.62 earnings per share. As a group, equities research analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank declared that its board has authorized a stock buyback plan on Friday, April 25th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Cadence Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank’s dividend payout ratio is presently 38.60%.

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.