GSA Capital Partners LLP Takes Position in Cadence Bank (NYSE:CADE)

GSA Capital Partners LLP acquired a new stake in shares of Cadence Bank (NYSE:CADE - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 55,928 shares of the company's stock, valued at approximately $1,698,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Teacher Retirement System of Texas lifted its holdings in Cadence Bank by 16.7% during the fourth quarter. Teacher Retirement System of Texas now owns 12,016 shares of the company's stock valued at $414,000 after purchasing an additional 1,721 shares in the last quarter. American Century Companies Inc. increased its stake in Cadence Bank by 7.9% in the 4th quarter. American Century Companies Inc. now owns 160,735 shares of the company's stock worth $5,537,000 after buying an additional 11,793 shares in the last quarter. LPL Financial LLC increased its stake in Cadence Bank by 39.2% in the 4th quarter. LPL Financial LLC now owns 149,475 shares of the company's stock worth $5,149,000 after buying an additional 42,097 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Cadence Bank by 46.2% during the fourth quarter. JPMorgan Chase & Co. now owns 604,097 shares of the company's stock valued at $20,811,000 after acquiring an additional 190,981 shares during the period. Finally, Norges Bank purchased a new position in shares of Cadence Bank in the fourth quarter valued at about $71,915,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Keefe, Bruyette & Woods boosted their price target on Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. DA Davidson upped their target price on shares of Cadence Bank from $37.00 to $42.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Piper Sandler lifted their price target 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 increased 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, Hovde Group raised their price objective on Cadence Bank from $34.00 to $40.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.40.

Cadence Bank Trading Down 2.8%

CADE stock traded down $0.97 during trading on Friday, hitting $33.88. The company had a trading volume of 2,334,427 shares, compared to its average volume of 2,094,777. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20. The company has a 50 day simple moving average of $32.78 and a 200-day simple moving average of $31.89. The firm has a market capitalization of $6.17 billion, a P/E ratio of 12.06 and a beta of 0.89. 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 posted 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. The firm had revenue of $476.32 million during the quarter, compared to the consensus estimate of $467.60 million. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. During the same quarter in the previous year, the firm posted $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 Dividend Announcement

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 issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.2%. The ex-dividend date is Monday, September 15th. Cadence Bank's dividend payout ratio is presently 39.15%.

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

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.