Focus Partners Advisor Solutions LLC Acquires Shares of 20,039 Cadence Bank (NYSE:CADE)

Focus Partners Advisor Solutions LLC acquired a new stake in shares of Cadence Bank (NYSE:CADE) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 20,039 shares of the company’s stock, valued at approximately $690,000.

A number of other large investors have also recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund boosted its holdings in shares of Cadence Bank by 0.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 37,274 shares of the company’s stock worth $1,284,000 after buying an additional 300 shares during the last quarter. Ironwood Investment Management LLC boosted its holdings in shares of Cadence Bank by 1.2% in the fourth quarter. Ironwood Investment Management LLC now owns 30,170 shares of the company’s stock worth $1,039,000 after buying an additional 354 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Cadence Bank by 0.8% in the fourth quarter. Arizona State Retirement System now owns 53,034 shares of the company’s stock worth $1,827,000 after buying an additional 415 shares during the last quarter. Sit Investment Associates Inc. boosted its holdings in shares of Cadence Bank by 2.4% in the fourth quarter. Sit Investment Associates Inc. now owns 25,750 shares of the company’s stock worth $887,000 after buying an additional 600 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Cadence Bank by 1.4% in the fourth quarter. Victory Capital Management Inc. now owns 50,453 shares of the company’s stock worth $1,738,000 after purchasing an additional 685 shares during the period. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Stock Performance

NYSE:CADE opened at $30.20 on Friday. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20. The stock has a market capitalization of $5.50 billion, a P/E ratio of 10.90 and a beta of 0.84. The company’s 50-day simple moving average is $29.56 and its 200-day simple moving average is $33.15.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share 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 18.03% and a return on equity of 9.87%. During the same period last year, the business earned $0.62 EPS. On average, research analysts forecast that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank declared that its board has initiated a share repurchase program on Friday, April 25th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date is Friday, June 13th. Cadence Bank’s dividend payout ratio is presently 38.60%.

Analysts Set New Price Targets

A number of research firms have weighed in on CADE. Stephens reiterated an “overweight” rating and issued a $40.00 price target on shares of Cadence Bank in a research report on Tuesday, April 22nd. Morgan Stanley dropped their price target on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Royal Bank of Canada dropped their price target on shares of Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. Wall Street Zen raised shares of Cadence Bank from a “sell” rating to a “hold” rating in a report on Thursday. Finally, 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. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Cadence Bank presently has an average rating of “Moderate Buy” and an average price target of $36.82.

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.