Teacher Retirement System of Texas Purchases 37,576 Shares of Cadence Bank (NYSE:CADE)

Teacher Retirement System of Texas raised its holdings in Cadence Bank (NYSE:CADE - Free Report) by 312.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 49,592 shares of the company's stock after acquiring an additional 37,576 shares during the quarter. Teacher Retirement System of Texas' holdings in Cadence Bank were worth $1,506,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ironwood Investment Management LLC increased its position in shares of Cadence Bank by 1.2% during the fourth quarter. Ironwood Investment Management LLC now owns 30,170 shares of the company's stock worth $1,039,000 after acquiring an additional 354 shares in the last quarter. Johnson Investment Counsel Inc. boosted its stake in Cadence Bank by 8.6% in the first quarter. Johnson Investment Counsel Inc. now owns 7,317 shares of the company's stock valued at $222,000 after acquiring an additional 578 shares during the last quarter. Sit Investment Associates Inc. boosted its stake in Cadence Bank by 2.4% in the fourth quarter. Sit Investment Associates Inc. now owns 25,750 shares of the company's stock valued at $887,000 after acquiring an additional 600 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in Cadence Bank by 3.1% in the first quarter. State of Alaska Department of Revenue now owns 21,500 shares of the company's stock valued at $652,000 after acquiring an additional 640 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Cadence Bank by 1.4% during the 4th quarter. Victory Capital Management Inc. now owns 50,453 shares of the company's stock valued at $1,738,000 after buying an additional 685 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Stock Performance

Shares of CADE stock traded down $0.50 during trading hours on Friday, reaching $35.15. The company had a trading volume of 1,649,068 shares, compared to its average volume of 1,321,158. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $6.41 billion, a PE ratio of 12.33 and a beta of 0.84. The business has a fifty day moving average price of $31.56 and a 200-day moving average price of $31.82. Cadence Bank has a one year low of $25.22 and a one year high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings data on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.64 by $0.07. Cadence Bank had a net margin of 18.83% and a return on equity of 9.95%. The company had revenue of $448.55 million for the quarter, compared to the consensus estimate of $451.61 million. During the same quarter last year, the firm posted $0.62 earnings per share. Sell-side analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

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

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend was Friday, June 13th. Cadence Bank's dividend payout ratio is currently 38.60%.

Wall Street Analyst Weigh In

CADE has been the topic of a number of recent research reports. Royal Bank Of Canada dropped their price target on shares of Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. Stephens reissued an "overweight" rating and issued a $40.00 price target on shares of Cadence Bank in a report on Tuesday, April 22nd. Hovde Group increased their target price on shares of Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Wall Street Zen cut shares of Cadence Bank from a "hold" rating to a "sell" rating in a research report on Saturday, June 14th. Finally, DA Davidson lowered 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 report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Cadence Bank presently has a consensus rating of "Moderate Buy" and a consensus price target of $38.50.

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.