Millennium Management LLC Purchases 941,613 Shares of Cadence Bank (NYSE:CADE)

Millennium Management LLC grew its stake in shares of Cadence Bank (NYSE:CADE) by 846.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,052,906 shares of the company’s stock after buying an additional 941,613 shares during the period. Millennium Management LLC’s holdings in Cadence Bank were worth $36,273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brooklyn Investment Group bought a new stake in shares of Cadence Bank during the fourth quarter valued at approximately $26,000. Mather Group LLC. raised its position in shares of Cadence Bank by 716.2% during the fourth quarter. Mather Group LLC. now owns 808 shares of the company’s stock valued at $28,000 after buying an additional 709 shares during the last quarter. Keystone Financial Group Inc. bought a new stake in shares of Cadence Bank during the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC raised its position in shares of Cadence Bank by 163.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock valued at $40,000 after buying an additional 722 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its position in shares of Cadence Bank by 504.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company’s stock valued at $59,000 after buying an additional 1,434 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Down 0.6%

NYSE CADE opened at $31.83 on Friday. The company has a fifty day moving average of $29.46 and a two-hundred day moving average of $33.23. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of 11.49 and a beta of 0.84. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Monday, April 21st. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.64 by $0.07. The company had revenue of $448.55 million during the quarter, compared to analyst estimates 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 in the previous year, the firm earned $0.62 earnings per share. Equities research analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank’s payout ratio is 38.60%.

Cadence Bank declared that its board has approved a stock repurchase program on Friday, April 25th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Stephens reiterated an “overweight” rating and set a $40.00 price objective on shares of Cadence Bank in a research report on Tuesday, April 22nd. Hovde Group upped their price target on shares of Cadence Bank from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Keefe, Bruyette & Woods lifted their price objective on shares of Cadence Bank from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Friday, May 9th. Morgan Stanley reduced their target price 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, DA Davidson decreased their target price on shares of Cadence Bank from $42.00 to $37.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Cadence Bank currently has a consensus rating of “Moderate Buy” and an average target price of $36.82.

Cadence Bank 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.