Strs Ohio Buys New Holdings in Cadence Bank $CADE

Key Points

• Strs Ohio has acquired a new position in Cadence Bank (NYSE:CADE), purchasing 19,100 shares valued at approximately $580,000 during the first quarter.
• Several institutional investors, including Wellington Management and AQR Capital Management, have significantly increased their stakes in Cadence Bank recently, reflecting strong investor interest in the company.
• Cadence Bank's stock has an average rating of "Moderate Buy" among analysts, with a consensus price target of $40.40, indicating positive growth expectations.

Strs Ohio bought a new stake in Cadence Bank (NYSE:CADE - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 19,100 shares of the company's stock, valued at approximately $580,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CADE. Wellington Management Group LLP grew its stake in Cadence Bank by 7.8% in the first quarter. Wellington Management Group LLP now owns 13,481,585 shares of the company's stock valued at $409,301,000 after purchasing an additional 980,369 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its stake in Cadence Bank by 0.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,520,057 shares of the company's stock valued at $167,589,000 after purchasing an additional 32,362 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its stake in Cadence Bank by 5.7% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 3,619,544 shares of the company's stock valued at $109,889,000 after purchasing an additional 193,582 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Cadence Bank by 9.4% in the first quarter. Goldman Sachs Group Inc. now owns 2,831,131 shares of the company's stock valued at $85,953,000 after purchasing an additional 244,146 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its stake in Cadence Bank by 8.1% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 2,416,198 shares of the company's stock valued at $73,356,000 after purchasing an additional 181,465 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on CADE shares. Piper Sandler raised their price target on Cadence Bank from $42.00 to $43.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Keefe, Bruyette & Woods lifted their target price on Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Stephens lifted their target price on Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Zacks Research downgraded Cadence Bank from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. Finally, Wall Street Zen downgraded Cadence Bank from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Seven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $40.40.

Cadence Bank Stock Performance

Shares of CADE traded up $0.04 on Tuesday, reaching $37.42. 612,662 shares of the company's stock traded hands, compared to its average volume of 1,533,515. The stock has a market cap of $6.82 billion, a PE ratio of 13.30 and a beta of 0.91. The stock's 50 day simple moving average is $36.14 and its two-hundred day simple moving average is $32.44. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20.

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

Cadence Bank Announces Dividend

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 issued 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 dividend payout ratio is presently 39.15%.

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.