Procyon Advisors LLC Has $237,000 Holdings in Cadence Bank (NYSE:CADE)

Procyon Advisors LLC lessened its holdings in Cadence Bank (NYSE:CADE) by 16.3% during the first quarter, HoldingsChannel reports. The fund owned 7,794 shares of the company’s stock after selling 1,522 shares during the quarter. Procyon Advisors LLC’s holdings in Cadence Bank were worth $237,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Smartleaf Asset Management LLC increased its stake in Cadence Bank by 163.7% in the 4th 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. Parkside Financial Bank & Trust increased its stake in Cadence Bank by 504.9% in the 4th 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. Jones Financial Companies Lllp increased its stake in Cadence Bank by 1,601.0% in the 4th quarter. Jones Financial Companies Lllp now owns 1,718 shares of the company’s stock valued at $59,000 after buying an additional 1,617 shares during the last quarter. State of Wyoming increased its stake in Cadence Bank by 172.4% in the 4th quarter. State of Wyoming now owns 2,359 shares of the company’s stock valued at $81,000 after buying an additional 1,493 shares during the last quarter. Finally, Wealthfront Advisers LLC purchased a new stake in Cadence Bank in the 4th quarter valued at about $204,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Price Performance

Shares of NYSE:CADE opened at $31.07 on Tuesday. The firm has a fifty day moving average price of $29.53 and a two-hundred day moving average price of $32.50. Cadence Bank has a one year low of $25.22 and a one year high of $40.20. The company has a market cap of $5.66 billion, a price-to-earnings ratio of 11.22 and a beta of 0.84.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, April 21st. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.64 by $0.07. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. The firm had revenue of $448.55 million during the quarter, compared to the consensus estimate of $451.61 million. During the same period last year, the firm earned $0.62 EPS. Equities research analysts expect that Cadence Bank will post 2.94 EPS for the current fiscal year.

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

Cadence Bank Announces Dividend

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 issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank’s dividend payout ratio is currently 38.60%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CADE shares. Royal Bank of Canada decreased 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 note on Wednesday, April 23rd. Piper Sandler decreased their price target on shares of Cadence Bank from $38.00 to $36.00 and set a “neutral” rating for the company in a research note on Wednesday, April 23rd. DA Davidson decreased their price target on shares of Cadence Bank from $42.00 to $37.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Hovde Group raised their price target on shares of Cadence Bank from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Finally, Keefe, Bruyette & Woods raised their price target 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. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Bank has an average rating of “Moderate Buy” and a consensus 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.