Tower Research Capital LLC TRC Raises Stake in Cadence Bank (NYSE:CADE)

Tower Research Capital LLC TRC grew its holdings in Cadence Bank (NYSE:CADE) by 64.4% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 21,078 shares of the company’s stock after buying an additional 8,254 shares during the period. Tower Research Capital LLC TRC’s holdings in Cadence Bank were worth $726,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Norges Bank purchased a new stake in Cadence Bank during the 4th quarter valued at approximately $71,915,000. Boston Partners acquired a new position in shares of Cadence Bank in the fourth quarter valued at approximately $24,834,000. First Trust Advisors LP raised its stake in shares of Cadence Bank by 21.2% during the fourth quarter. First Trust Advisors LP now owns 2,634,335 shares of the company’s stock worth $90,753,000 after purchasing an additional 460,486 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Cadence Bank during the fourth quarter worth $13,225,000. Finally, Barclays PLC grew its position in Cadence Bank by 70.9% in the 4th quarter. Barclays PLC now owns 754,950 shares of the company’s stock valued at $26,007,000 after buying an additional 313,281 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Price Performance

CADE opened at $28.86 on Friday. The stock’s 50 day simple moving average is $29.81 and its 200 day simple moving average is $33.49. The stock has a market cap of $5.26 billion, a P/E ratio of 10.42 and a beta 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 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. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. The business had revenue of $448.55 million during the quarter, compared to analysts’ expectations of $451.61 million. During the same quarter last year, the business posted $0.62 earnings per share. Research analysts expect that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank declared that its Board of Directors has authorized a share buyback 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 an indication that the company’s board of directors 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 issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.81%. The ex-dividend date is Friday, June 13th. Cadence Bank’s dividend payout ratio (DPR) is presently 38.60%.

Wall Street Analysts Forecast Growth

CADE has been the subject of a number of analyst reports. Piper Sandler cut their price objective on shares of Cadence Bank from $38.00 to $36.00 and set a “neutral” rating for the company in a research report on Wednesday. Hovde Group cut their price target on shares of Cadence Bank from $40.00 to $35.00 and set a “market perform” rating for the company in a report on Wednesday, April 2nd. Royal Bank of Canada reduced their price objective 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. Citigroup boosted their target price on Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Finally, Morgan Stanley reduced their price target on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.36.

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.