Intech Investment Management LLC Has $3.62 Million Holdings in Cadence Bank $CADE

Key Points

• Intech Investment Management LLC increased its holdings in Cadence Bank by 30%, owning 119,375 shares valued at $3.62 million as of the latest filing.
• Cadence Bank announced a quarterly dividend of $0.275 per share, representing an annualized yield of 2.9%.
• Analysts have varying views on Cadence Bank, with an average rating of "Moderate Buy" and a consensus price target of $40.40.

Intech Investment Management LLC increased its holdings in Cadence Bank (NYSE:CADE - Free Report) by 30.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 119,375 shares of the company's stock after buying an additional 27,555 shares during the period. Intech Investment Management LLC owned about 0.07% of Cadence Bank worth $3,624,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of CADE. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Cadence Bank in the 1st quarter valued at about $40,000. Abound Wealth Management lifted its position in Cadence Bank by 223.3% in the 1st quarter. Abound Wealth Management now owns 1,665 shares of the company's stock valued at $51,000 after purchasing an additional 1,150 shares during the last quarter. UMB Bank n.a. lifted its position in Cadence Bank by 169.6% in the 1st quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock valued at $54,000 after purchasing an additional 1,116 shares during the last quarter. State of Wyoming lifted its position in Cadence Bank by 172.4% in the 4th quarter. State of Wyoming now owns 2,359 shares of the company's stock valued at $81,000 after purchasing an additional 1,493 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Cadence Bank by 55.3% in the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after purchasing an additional 1,030 shares during the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CADE has been the topic of a number of recent analyst reports. Barclays restated an "overweight" rating and set a $41.00 price target (up from $38.00) on shares of Cadence Bank in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods lifted their target price on shares of Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Stephens lifted their target price on shares of Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Zacks Research downgraded shares of Cadence Bank from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. Finally, Hovde Group boosted their target price on shares of Cadence Bank from $34.00 to $40.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $40.40.

Cadence Bank Stock Performance

Shares of Cadence Bank stock traded up $1.26 on Thursday, reaching $38.11. The stock had a trading volume of 2,038,568 shares, compared to its average volume of 1,792,860. The business's 50-day moving average price is $36.05 and its two-hundred day moving average price is $32.33. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20. The stock has a market cap of $6.94 billion, a P/E ratio of 13.56 and a beta of 0.91.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. The business had revenue of $476.32 million during the quarter, compared to analysts' expectations of $467.60 million. During the same period in the previous year, the company earned $0.73 earnings per share. On average, sell-side analysts forecast that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, September 15th. Cadence Bank's payout ratio is presently 39.15%.

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.