Trexquant Investment LP Boosts Stock Position in Cadence Bank $CADE

Key Points

• Trexquant Investment LP has increased its stake in Cadence Bank by 79.1% during the first quarter, bringing its total holdings to 104,218 shares valued at approximately $3.16 million.
• Cadence Bank recently posted earnings per share of $0.73, exceeding analysts' expectations, with revenue reaching $476.32 million for the quarter.
• The bank announced a quarterly dividend of $0.275, which translates to an annualized dividend yield of 2.9% and is set to be paid on October 1st.

Trexquant Investment LP raised its stake in Cadence Bank (NYSE:CADE - Free Report) by 79.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 104,218 shares of the company's stock after purchasing an additional 46,040 shares during the period. Trexquant Investment LP owned 0.06% of Cadence Bank worth $3,164,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in 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 during the last quarter. Millennium Management LLC grew its stake in Cadence Bank by 846.1% in the fourth quarter. Millennium Management LLC now owns 1,052,906 shares of the company's stock valued at $36,273,000 after purchasing an additional 941,613 shares during the last quarter. Nuveen LLC purchased a new position in Cadence Bank in the first quarter valued at about $20,090,000. Bessemer Group Inc. grew its stake in Cadence Bank by 76,386.7% in the first quarter. Bessemer Group Inc. now owns 615,718 shares of the company's stock valued at $18,694,000 after purchasing an additional 614,913 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in Cadence Bank in the fourth quarter valued at about $8,061,000. Hedge funds and other institutional investors own 84.61% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their target price on Cadence Bank from $40.00 to $41.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Piper Sandler lifted their target price on Cadence Bank from $42.00 to $43.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Barclays reissued an "overweight" rating and issued a $41.00 price target (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Stephens raised their price target on Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Finally, DA Davidson raised their price target on Cadence Bank from $37.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Cadence Bank has a consensus rating of "Moderate Buy" and an average price target of $40.40.

Cadence Bank Stock Performance

Shares of Cadence Bank stock traded down $0.19 on Friday, reaching $37.76. 2,484,768 shares of the stock were exchanged, compared to its average volume of 1,545,417. 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 twelve month low of $25.22 and a twelve month high of $40.20. The firm has a market capitalization of $6.88 billion, a price-to-earnings ratio of 13.44 and a beta of 0.91. The business has a 50 day moving average price of $35.51 and a two-hundred day moving average price of $32.05.

Cadence Bank (NYSE:CADE - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $0.73 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 firm had revenue of $476.32 million during the quarter, compared to the consensus estimate of $467.60 million. During the same quarter in the previous year, the company posted $0.73 earnings per share. Analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The business 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 $0.275 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.10 dividend on an annualized basis and a yield of 2.9%. Cadence Bank's payout ratio is presently 39.15%.

Cadence Bank Company 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.