Millennium Management LLC Increases Stake in Cadence Bank (NYSE:CADE)

Millennium Management LLC boosted its position in shares of Cadence Bank (NYSE:CADE) by 846.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 1,052,906 shares of the company’s stock after purchasing an additional 941,613 shares during the quarter. Millennium Management LLC owned about 0.58% of Cadence Bank worth $36,273,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CADE. Barclays PLC grew its position in Cadence Bank by 63.7% during the 3rd quarter. Barclays PLC now owns 441,669 shares of the company’s stock valued at $14,067,000 after purchasing an additional 171,940 shares during the last quarter. Franklin Resources Inc. purchased a new stake in Cadence Bank during the 3rd quarter valued at about $947,000. Wealthcare Advisory Partners LLC grew its position in Cadence Bank by 3.5% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 20,970 shares of the company’s stock valued at $722,000 after purchasing an additional 715 shares during the last quarter. Brooklyn Investment Group purchased a new stake in Cadence Bank during the 4th quarter valued at about $26,000. Finally, Capstone Wealth Management LLC purchased a new stake in Cadence Bank during the 4th quarter valued at about $669,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CADE has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods raised their price target on shares of Cadence Bank from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Friday, May 9th. Piper Sandler dropped their price target 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. Barclays dropped their price target on shares of Cadence Bank from $44.00 to $38.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Morgan Stanley dropped their price target on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Citigroup raised their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a report 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.82.

Cadence Bank Stock Down 0.6%

Shares of NYSE:CADE opened at $31.83 on Friday. The firm’s 50 day moving average price is $29.46 and its 200-day moving average price is $33.23. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20. The stock has a market capitalization of $5.80 billion, a PE ratio of 11.49 and a beta of 0.84.

Cadence Bank (NYSE:CADE) last issued 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. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. The firm had revenue of $448.55 million for the quarter, compared to analysts’ expectations of $451.61 million. During the same quarter in the prior year, the business earned $0.62 EPS. Analysts expect that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank announced that its board has approved a share repurchase program on Friday, April 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date is Friday, June 13th. Cadence Bank’s payout ratio is 38.60%.

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.