GAMMA Investing LLC Raises Holdings in Cadence Bank (NYSE:CADE)

GAMMA Investing LLC increased its holdings in Cadence Bank (NYSE:CADE) by 4,615.4% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 87,801 shares of the company’s stock after acquiring an additional 85,939 shares during the period. GAMMA Investing LLC’s holdings in Cadence Bank were worth $2,892,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CADE. Choreo LLC purchased a new position in Cadence Bank in the fourth quarter worth approximately $348,000. New York State Teachers Retirement System grew its position in Cadence Bank by 5.9% in the fourth quarter. New York State Teachers Retirement System now owns 236,546 shares of the company’s stock worth $8,149,000 after acquiring an additional 13,187 shares during the period. Rhumbline Advisers lifted its stake in Cadence Bank by 2.2% during the fourth quarter. Rhumbline Advisers now owns 624,177 shares of the company’s stock worth $21,503,000 after purchasing an additional 13,507 shares in the last quarter. Callahan Advisors LLC acquired a new position in Cadence Bank during the fourth quarter worth $225,000. Finally, Handelsbanken Fonder AB lifted its stake in Cadence Bank by 19.0% during the fourth quarter. Handelsbanken Fonder AB now owns 40,058 shares of the company’s stock worth $1,380,000 after purchasing an additional 6,400 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Trading Up 0.3%

Shares of NYSE CADE opened at $31.17 on Friday. The stock has a market cap of $5.68 billion, a P/E ratio of 11.25 and a beta of 0.84. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $40.20. The business’s fifty day simple moving average is $29.79 and its 200-day simple moving average is $32.43.

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 the consensus estimate 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 return on equity of 9.87% and a net margin of 18.03%. During the same period last year, the firm earned $0.62 earnings per share. On average, equities analysts forecast that Cadence Bank will post 2.94 EPS for the current fiscal year.

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

Cadence Bank Dividend Announcement

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 $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.53%. The ex-dividend date is Friday, June 13th. Cadence Bank’s payout ratio is currently 38.60%.

Analyst Ratings Changes

CADE has been the topic of a number of research reports. Wall Street Zen cut Cadence Bank from a “hold” rating to a “sell” rating in a research note on Friday, May 30th. Stephens restated an “overweight” rating and set a $40.00 price target on shares of Cadence Bank in a research note on Tuesday, April 22nd. Royal Bank of Canada decreased their price target on Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. Morgan Stanley decreased their price target on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Piper Sandler decreased their price target on Cadence Bank from $38.00 to $36.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.82.

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.