Cadence Bank $CADE Shares Purchased by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC increased its holdings in Cadence Bank by 1,802.4% during Q1, acquiring 764,776 shares worth $22.79 million, indicating strong institutional interest in the bank.
• Cadence Bank reported a quarterly EPS of $0.73, exceeding analysts' expectations of $0.69, along with a revenue of $476.32 million against a forecast of $467.60 million.
• The bank announced a quarterly dividend of $0.275 per share, representing a 2.9% yield, with a payout ratio of 39.15%.

AQR Capital Management LLC increased its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 1,802.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 764,776 shares of the company's stock after buying an additional 724,576 shares during the period. AQR Capital Management LLC owned about 0.42% of Cadence Bank worth $22,790,000 at the end of the most recent reporting period.

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

Cadence Bank Stock Performance

Shares of CADE stock traded up $0.37 during trading hours on Friday, hitting $37.71. The stock had a trading volume of 2,206,202 shares, compared to its average volume of 1,777,295. The firm has a market capitalization of $6.87 billion, a PE ratio of 13.42 and a beta of 0.91. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20. The stock's 50 day moving average is $35.90 and its 200 day moving average is $32.21. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $476.32 million during the quarter, compared to the consensus estimate 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 prior year, the company earned $0.73 earnings per share. As a group, research analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.10 annualized dividend and a dividend yield of 2.9%. Cadence Bank's dividend payout ratio (DPR) is currently 39.15%.

Analyst Ratings Changes

Several equities analysts have commented on CADE shares. Piper Sandler increased their price target on shares of Cadence Bank from $42.00 to $43.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Barclays reiterated an "overweight" rating and issued a $41.00 price target (up from $38.00) on shares of Cadence Bank in a research note on Tuesday, July 8th. Wall Street Zen lowered shares of Cadence Bank from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Keefe, Bruyette & Woods increased their price target 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. Finally, Royal Bank Of Canada increased their price target on shares of Cadence Bank from $34.00 to $37.00 and gave the company a "sector perform" rating in a research note on Friday, July 25th. Seven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $40.40.

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.