Dark Forest Capital Management LP Invests $3.81 Million in Cadence Bank $CADE

Key Points

• Dark Forest Capital Management LP has invested approximately $3.81 million in Cadence Bank, acquiring 125,381 shares, which accounts for about 0.07% of the bank.
• Cadence Bank recently announced a quarterly dividend of $0.275, with a dividend yield of 2.9% and a payout ratio of 39.15%.
• Several analysts have raised their price targets for Cadence Bank's stock, with an average target of $40.40 and a consensus rating of "Moderate Buy."

Dark Forest Capital Management LP bought a new position in Cadence Bank (NYSE:CADE - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 125,381 shares of the company's stock, valued at approximately $3,807,000. Dark Forest Capital Management LP owned approximately 0.07% of Cadence Bank as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Teacher Retirement System of Texas raised its holdings in Cadence Bank by 312.7% in the first quarter. Teacher Retirement System of Texas now owns 49,592 shares of the company's stock worth $1,506,000 after purchasing an additional 37,576 shares in the last quarter. Principal Financial Group Inc. increased its holdings 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 valued at $12,913,000 after acquiring an additional 5,221 shares in the last quarter. State of Alaska Department of Revenue increased its holdings 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 valued at $652,000 after acquiring an additional 640 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings 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 valued at $2,116,000 after acquiring an additional 1,670 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings 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 valued at $88,000 after acquiring an additional 1,030 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Stock Performance

NYSE:CADE traded down $0.19 during midday trading on Friday, hitting $37.76. The company's stock had a trading volume of 2,484,768 shares, compared to its average volume of 1,545,417. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20. The firm's 50 day moving average is $35.51 and its 200-day moving average is $32.05. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $6.88 billion, a P/E ratio of 13.44 and a beta of 0.91.

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

Cadence Bank Dividend Announcement

The firm 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 $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 2.9%. The ex-dividend date is Monday, September 15th. Cadence Bank's dividend payout ratio is 39.15%.

Analysts Set New Price Targets

Several research firms have recently issued reports on CADE. Hovde Group upped their price objective on shares of Cadence Bank from $34.00 to $40.00 and gave the company a "market perform" rating in a report on Monday, July 28th. Wall Street Zen downgraded shares of Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Piper Sandler upped their price objective on shares of Cadence Bank from $42.00 to $43.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Royal Bank Of Canada upped their price objective on shares of Cadence Bank from $34.00 to $37.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Finally, Stephens upped their price objective on shares of Cadence Bank from $41.00 to $42.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.