Intech Investment Management LLC Purchases New Stake in Cadence Bank (NYSE:CADE)

Intech Investment Management LLC bought a new position in Cadence Bank (NYSE:CADE - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 17,408 shares of the company's stock, valued at approximately $492,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its holdings in Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company's stock worth $28,000 after purchasing an additional 436 shares during the last quarter. AlphaMark Advisors LLC lifted its holdings in shares of Cadence Bank by 5.6% during the second quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company's stock worth $307,000 after buying an additional 579 shares during the last quarter. Retirement Systems of Alabama lifted its holdings in shares of Cadence Bank by 0.3% during the first quarter. Retirement Systems of Alabama now owns 229,380 shares of the company's stock worth $6,652,000 after buying an additional 602 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Cadence Bank by 0.3% during the first quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company's stock worth $6,681,000 after buying an additional 689 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Cadence Bank by 1.9% during the second quarter. Arizona State Retirement System now owns 51,159 shares of the company's stock worth $1,447,000 after buying an additional 938 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Stock Performance

Shares of NYSE:CADE opened at $31.62 on Friday. The business's fifty day moving average price is $31.36 and its two-hundred day moving average price is $29.36. Cadence Bank has a fifty-two week low of $19.67 and a fifty-two week high of $34.13. The stock has a market capitalization of $5.76 billion, a price-to-earnings ratio of 10.10 and a beta of 0.97. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings results on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.08. The firm had revenue of $742.87 million for the quarter, compared to analysts' expectations of $439.63 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. During the same period in the prior year, the business posted $0.64 earnings per share. As a group, analysts predict that Cadence Bank will post 2.55 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend is Friday, September 13th. Cadence Bank's payout ratio is presently 31.95%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Stephens reiterated an "overweight" rating and set a $35.00 price target on shares of Cadence Bank in a report on Tuesday, July 23rd. Barclays upped their price target on Cadence Bank from $30.00 to $33.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 24th. Royal Bank of Canada upped their price target on Cadence Bank from $31.00 to $35.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 24th. DA Davidson boosted their price objective on Cadence Bank from $34.50 to $39.00 and gave the company a "buy" rating in a research report on Wednesday, July 24th. Finally, Hovde Group boosted their price objective on Cadence Bank from $33.00 to $36.50 and gave the company an "outperform" rating in a research report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $34.46.

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.