Teza Capital Management LLC Buys New Shares in Cadence Bank $CADE

Key Points

• Teza Capital Management LLC has acquired a new stake in Cadence Bank, purchasing 41,949 shares valued at approximately $1.27 million. This marks a significant move during the 1st quarter according to SEC filings.
• Several other institutional investors, such as the Teacher Retirement System of Texas, also increased their holdings in Cadence Bank, with a total of 84.61% of the stock currently owned by institutional investors.
• Analysts have provided mixed ratings for Cadence Bank, with seven analysts rating it as a Buy and three as Hold, leading to a consensus rating of "Moderate Buy".

Teza Capital Management LLC acquired a new position in Cadence Bank (NYSE:CADE - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 41,949 shares of the company's stock, valued at approximately $1,274,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP increased its position 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 worth $409,301,000 after buying an additional 980,369 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of Cadence Bank by 0.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,520,057 shares of the company's stock worth $167,589,000 after acquiring an additional 32,362 shares during the period. Fuller & Thaler Asset Management Inc. increased its holdings in Cadence Bank by 5.7% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 3,619,544 shares of the company's stock worth $109,889,000 after acquiring an additional 193,582 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in Cadence Bank by 8.1% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 2,416,198 shares of the company's stock valued at $73,356,000 after acquiring an additional 181,465 shares during the period. Finally, Segall Bryant & Hamill LLC raised its stake in Cadence Bank by 2.1% in the 1st quarter. Segall Bryant & Hamill LLC now owns 1,370,231 shares of the company's stock valued at $41,600,000 after acquiring an additional 28,363 shares during the period. Hedge funds and other institutional investors own 84.61% of the company's stock.

Cadence Bank Price Performance

NYSE:CADE traded up $0.53 during trading hours on Friday, hitting $37.87. The stock had a trading volume of 1,128,966 shares, compared to its average volume of 1,494,083. The company has a 50 day simple moving average of $35.83 and a two-hundred day simple moving average of $32.17. The firm has a market capitalization of $6.90 billion, a price-to-earnings ratio of 13.49 and a beta of 0.91. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87. Cadence Bank has a one year low of $25.22 and a one year high of $40.20.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.The company had revenue of $476.32 million for the quarter, compared to the consensus estimate of $467.60 million. During the same quarter last year, the business posted $0.73 earnings per share. Research analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors 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 yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Cadence Bank's dividend payout ratio (DPR) is currently 39.15%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CADE. Stephens increased 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. Wall Street Zen downgraded shares of Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Hovde Group boosted their target price 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. DA Davidson increased their target price on Cadence Bank from $37.00 to $42.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Finally, Zacks Research lowered Cadence Bank from a "strong-buy" rating to a "hold" rating in a report on Monday. Seven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price 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.