AlphaQuest LLC Has $1.34 Million Position in Cadence Bank $CADE

Key Points

• AlphaQuest LLC increased its stake in Cadence Bank by 82.2%, now holding 44,009 shares worth approximately $1.34 million.
• Cadence Bank has received multiple upgrades from analysts, with price targets ranging from $40.00 to $42.00 and a current consensus rating of "Moderate Buy".
• The bank recently announced a $0.275 quarterly dividend and has authorized a stock buyback program for 10 million shares, indicating confidence in its stock value.

AlphaQuest LLC raised its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 82.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 44,009 shares of the company's stock after purchasing an additional 19,849 shares during the quarter. AlphaQuest LLC's holdings in Cadence Bank were worth $1,336,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Teacher Retirement System of Texas raised its holdings in shares of Cadence Bank by 312.7% in the first quarter. Teacher Retirement System of Texas now owns 49,592 shares of the company's stock valued at $1,506,000 after purchasing an additional 37,576 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Cadence Bank by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 425,330 shares of the company's stock worth $12,913,000 after purchasing an additional 5,221 shares during the period. State of Alaska Department of Revenue grew its holdings in Cadence Bank by 3.1% during the first 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 raised its stake in shares of Cadence Bank by 2.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 69,707 shares of the company's stock valued at $2,116,000 after buying an additional 1,670 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of Cadence Bank by 55.3% in the first quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after buying an additional 1,030 shares during the period. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CADE has been the subject of several recent research reports. Barclays reissued an "overweight" rating and issued a $41.00 price objective (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Stephens lifted their target price on shares of Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Hovde Group upped their price target on shares of Cadence Bank from $34.00 to $40.00 and gave the company a "market perform" rating in a research note on Monday, July 28th. Keefe, Bruyette & Woods raised their price objective on shares of Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Finally, DA Davidson boosted their target price on shares of Cadence Bank from $37.00 to $42.00 and gave the company a "buy" rating in a report on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $40.40.

Cadence Bank Trading Up 5.3%

Shares of CADE stock opened at $37.2280 on Friday. The company has a market capitalization of $6.78 billion, a PE ratio of 13.25 and a beta of 0.89. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20. The business's fifty day moving average is $34.17 and its 200 day moving average is $31.89. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.04. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.The firm had revenue of $476.32 million for the quarter, compared to analysts' expectations of $467.60 million. During the same quarter last year, the firm posted $0.73 EPS. On average, equities research analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.275 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.10 annualized dividend and a yield of 3.0%. Cadence Bank's payout ratio is 39.15%.

Cadence Bank declared that its Board of Directors has approved a stock repurchase plan on Friday, April 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its shares are undervalued.

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.

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