Blue Trust Inc. Purchases 700 Shares of Cadence Bank (NYSE:CADE)

Blue Trust Inc. lifted its position in Cadence Bank (NYSE:CADE) by 11.8% in the first quarter, Holdings Channel.com reports. The institutional investor owned 6,615 shares of the company’s stock after buying an additional 700 shares during the period. Blue Trust Inc.’s holdings in Cadence Bank were worth $201,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Norges Bank acquired a new position in shares of Cadence Bank during the 4th quarter worth about $71,915,000. Millennium Management LLC lifted its stake in Cadence Bank by 846.1% in the 4th quarter. Millennium Management LLC now owns 1,052,906 shares of the company’s stock valued at $36,273,000 after purchasing an additional 941,613 shares during the last quarter. Boston Partners acquired a new stake in Cadence Bank in the 4th quarter valued at about $24,834,000. First Trust Advisors LP lifted its stake in Cadence Bank by 21.2% in the 4th quarter. First Trust Advisors LP now owns 2,634,335 shares of the company’s stock valued at $90,753,000 after purchasing an additional 460,486 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Cadence Bank in the 4th quarter valued at about $13,225,000. Institutional investors own 84.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Hovde Group increased 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, April 29th. DA Davidson lowered their target price 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. Royal Bank Of Canada lowered their target price on shares of Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. Piper Sandler lowered their target price on shares of Cadence Bank from $38.00 to $36.00 and set a “neutral” rating on the stock in a report on Wednesday, April 23rd. Finally, Wall Street Zen cut shares of Cadence Bank from a “hold” rating to a “sell” rating in a report on Saturday, June 14th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $36.82.

Cadence Bank Stock Performance

Shares of NYSE:CADE opened at $31.08 on Tuesday. The company’s 50 day simple moving average is $30.19 and its 200 day simple moving average is $31.97. The stock has a market capitalization of $5.66 billion, a price-to-earnings ratio of 10.90 and a beta of 0.84. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.87 and a quick ratio of 0.87. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $40.20.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $451.61 million. Cadence Bank had a net margin of 18.83% and a return on equity of 9.95%. During the same period last year, the firm posted $0.62 earnings per share. As a group, research analysts predict that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a yield of 3.54%. Cadence Bank’s dividend payout ratio (DPR) is 38.60%.

Cadence Bank declared that its Board of Directors has initiated a share repurchase plan on Friday, April 25th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is 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.