Cadence Bank $CADE Shares Acquired 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 grew its position in 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 purchasing an additional 724,576 shares during the period. AQR Capital Management LLC owned approximately 0.42% of Cadence Bank worth $22,790,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Wellington Management Group LLP increased its holdings in shares of Cadence Bank by 7.8% in the first quarter. Wellington Management Group LLP now owns 13,481,585 shares of the company's stock valued at $409,301,000 after purchasing an additional 980,369 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in shares of Cadence Bank by 0.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,520,057 shares of the company's stock valued at $167,589,000 after purchasing an additional 32,362 shares during the period. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Cadence Bank by 5.7% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 3,619,544 shares of the company's stock valued at $109,889,000 after purchasing an additional 193,582 shares during the period. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Cadence Bank by 8.1% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 2,416,198 shares of the company's stock valued at $73,356,000 after purchasing an additional 181,465 shares during the period. Finally, Segall Bryant & Hamill LLC increased its holdings in shares of Cadence Bank by 2.1% in the first quarter. Segall Bryant & Hamill LLC now owns 1,370,231 shares of the company's stock valued at $41,600,000 after purchasing an additional 28,363 shares during the period. 84.61% of the stock is owned by institutional investors and hedge funds.

Cadence Bank Price Performance

Shares of NYSE CADE traded up $0.08 during midday trading on Thursday, hitting $37.35. The stock had a trading volume of 1,895,911 shares, compared to its average volume of 1,496,330. The company has a market capitalization of $6.81 billion, a PE ratio of 13.29 and a beta of 0.91. The stock has a 50 day simple moving average of $35.77 and a 200-day simple moving average of $32.14. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $40.20. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $467.60 million. During the same quarter last year, the business posted $0.73 earnings per share. On average, sell-side analysts expect that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid 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 yield of 2.9%. Cadence Bank's dividend payout ratio (DPR) is 39.15%.

Analysts Set New Price Targets

CADE has been the topic of several analyst reports. Zacks Research lowered Cadence Bank from a "strong-buy" rating to a "hold" rating in a report on Monday. Royal Bank Of Canada raised their target price on Cadence Bank from $34.00 to $37.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Wall Street Zen lowered Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Hovde Group raised their target price on Cadence Bank from $34.00 to $40.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. Finally, DA Davidson raised their target price on Cadence Bank from $37.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $40.40.

About Cadence Bank

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.