T. Rowe Price Investment Management Inc. Acquires 32,362 Shares of Cadence Bank $CADE

T. Rowe Price Investment Management Inc. lifted its holdings in shares of Cadence Bank (NYSE:CADE) by 0.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 5,520,057 shares of the company’s stock after acquiring an additional 32,362 shares during the period. T. Rowe Price Investment Management Inc.’s holdings in Cadence Bank were worth $167,589,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in CADE. Teacher Retirement System of Texas raised its position in Cadence Bank by 312.7% in the first quarter. Teacher Retirement System of Texas now owns 49,592 shares of the company’s stock worth $1,506,000 after purchasing an additional 37,576 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Cadence Bank by 1.2% during the first quarter. Principal Financial Group Inc. now owns 425,330 shares of the company’s stock valued at $12,913,000 after purchasing an additional 5,221 shares in the last quarter. State of Alaska Department of Revenue grew its stake in shares of Cadence Bank by 3.1% in the 1st quarter. State of Alaska Department of Revenue now owns 21,500 shares of the company’s stock valued at $652,000 after purchasing an additional 640 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of Cadence Bank by 2.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 69,707 shares of the company’s stock valued at $2,116,000 after purchasing an additional 1,670 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Cadence Bank by 55.3% in the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company’s stock worth $88,000 after buying an additional 1,030 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Price Performance

Shares of CADE stock opened at $35.43 on Thursday. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20. The stock has a market capitalization of $6.46 billion, a PE ratio of 12.61 and a beta of 0.89. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. The stock’s fifty day moving average is $33.94 and its 200-day moving average is $31.86.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. The business had revenue of $476.32 million during the quarter, compared to analysts’ expectations of $467.60 million. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.During the same period in the previous year, the business posted $0.73 earnings per share. Equities research analysts expect that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank announced that its Board of Directors has authorized a share repurchase plan on Friday, April 25th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Monday, September 15th. Cadence Bank’s dividend payout ratio is presently 39.15%.

Analyst Ratings Changes

CADE has been the topic of several recent analyst reports. Wall Street Zen lowered Cadence Bank from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Keefe, Bruyette & Woods boosted their target price on shares of Cadence Bank from $40.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, July 28th. Stephens upped their target price on shares of Cadence Bank from $41.00 to $42.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. Royal Bank Of Canada increased their target price on shares of Cadence Bank from $34.00 to $37.00 and gave the stock a “sector perform” rating in a research report on Friday, July 25th. Finally, Barclays restated an “overweight” rating and issued a $41.00 price target (up from $38.00) on shares of Cadence Bank in a research report on Tuesday, July 8th. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.40.

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.