Teza Capital Management LLC Purchases Shares of 41,949 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 purchased a new stake in shares of Cadence Bank (NYSE:CADE - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 41,949 shares of the company's stock, valued at approximately $1,274,000.

Other institutional investors also recently bought and sold shares of the company. Teacher Retirement System of Texas lifted its holdings in Cadence Bank by 312.7% in the first quarter. Teacher Retirement System of Texas now owns 49,592 shares of the company's stock valued at $1,506,000 after acquiring an additional 37,576 shares during the period. Principal Financial Group Inc. lifted its holdings in Cadence Bank by 1.2% in the first quarter. Principal Financial Group Inc. now owns 425,330 shares of the company's stock valued at $12,913,000 after acquiring an additional 5,221 shares during the period. State of Alaska Department of Revenue lifted its holdings in Cadence Bank by 3.1% in the first quarter. State of Alaska Department of Revenue now owns 21,500 shares of the company's stock valued at $652,000 after acquiring an additional 640 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in Cadence Bank by 2.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 69,707 shares of the company's stock valued at $2,116,000 after acquiring an additional 1,670 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Cadence Bank by 55.3% in the first quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after acquiring an additional 1,030 shares during the period. Institutional investors own 84.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Barclays reissued an "overweight" rating and issued a $41.00 target price (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Zacks Research downgraded Cadence Bank from a "strong-buy" rating to a "hold" rating in a research note on Monday. Wall Street Zen downgraded Cadence Bank from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Stephens raised their price objective on Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Finally, Piper Sandler raised their price objective on Cadence Bank from $42.00 to $43.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Cadence Bank presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.40.

Cadence Bank Price Performance

Shares of NYSE:CADE traded up $0.08 during trading on Thursday, hitting $37.35. 1,861,660 shares of the company's stock were exchanged, compared to its average volume of 1,494,229. 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 52-week low of $25.22 and a 52-week high of $40.20. The business's 50-day simple moving average is $35.77 and its 200 day simple moving average is $32.14. The company has a market cap of $6.81 billion, a price-to-earnings ratio of 13.29 and a beta of 0.91.

Cadence Bank (NYSE:CADE - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts' expectations of $467.60 million. During the same quarter last year, the business posted $0.73 earnings per share. As a group, equities analysts predict that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Dividend Announcement

The company also recently declared 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 2.9%. The ex-dividend date is Monday, September 15th. Cadence Bank's dividend payout ratio (DPR) is currently 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.