Martingale Asset Management L P Makes New Investment in Cadence Bank $CADE

Key Points

• Martingale Asset Management acquired a new position in Cadence Bank during Q1, purchasing 23,319 shares valued at approximately $708,000.
• Analysts have generally rated Cadence Bank positively, with multiple firms issuing "overweight" ratings and raising price targets, indicating strong growth expectations.
• Cadence Bank announced a quarterly dividend of $0.275, representing an annualized yield of 3.0%, demonstrating a commitment to returning value to shareholders.

Martingale Asset Management L P bought a new position in Cadence Bank (NYSE:CADE - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 23,319 shares of the company's stock, valued at approximately $708,000.

Other hedge funds have also recently made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Cadence Bank in the 1st quarter valued at approximately $40,000. Abound Wealth Management raised its holdings in shares of Cadence Bank by 223.3% in the first quarter. Abound Wealth Management now owns 1,665 shares of the company's stock worth $51,000 after buying an additional 1,150 shares during the period. UMB Bank n.a. lifted its stake in shares of Cadence Bank by 169.6% during the 1st quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock worth $54,000 after acquiring an additional 1,116 shares during the last quarter. State of Wyoming boosted 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 buying an additional 1,493 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Cadence Bank by 55.3% in the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock worth $88,000 after buying an additional 1,030 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Trading Up 0.2%

NYSE:CADE traded up $0.07 on Friday, reaching $37.61. The company's stock had a trading volume of 548,274 shares, compared to its average volume of 1,457,546. The firm has a market cap of $6.85 billion, a price-to-earnings ratio of 13.40 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 has a 12-month low of $25.22 and a 12-month high of $40.20. The stock has a 50 day moving average price of $34.76 and a 200 day moving average price of $31.94.

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, beating analysts' consensus estimates of $0.69 by $0.04. The business had revenue of $476.32 million during the quarter, compared to analysts' expectations of $467.60 million. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.During the same period in the previous year, the firm posted $0.73 earnings per share. On average, equities analysts anticipate that Cadence Bank will post 2.94 EPS 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. Shareholders of record on Monday, September 15th will be paid a dividend of $0.275 per share. The ex-dividend date is Monday, September 15th. This represents a $1.10 dividend on an annualized basis and a yield of 2.9%. Cadence Bank's dividend payout ratio is 39.15%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Wall Street Zen lowered shares of Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Hovde Group lifted their target price on Cadence Bank from $34.00 to $40.00 and gave the company a "market perform" rating in a research note on Monday, July 28th. Piper Sandler boosted their target price on shares of Cadence Bank from $42.00 to $43.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. DA Davidson raised their price target on shares of Cadence Bank from $37.00 to $42.00 and gave the company a "buy" rating in a report on Monday, July 28th. Finally, Keefe, Bruyette & Woods lifted their price objective 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. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus 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.