AlphaQuest LLC Purchases 16,348 Shares of Cadence Bank (NYSE:CADE)

AlphaQuest LLC lifted its position in Cadence Bank (NYSE:CADE) by 209.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 24,160 shares of the company’s stock after buying an additional 16,348 shares during the period. AlphaQuest LLC’s holdings in Cadence Bank were worth $832,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CADE. Oregon Public Employees Retirement Fund lifted its position in Cadence Bank by 0.8% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 37,274 shares of the company’s stock valued at $1,284,000 after purchasing an additional 300 shares during the period. GAMMA Investing LLC boosted its holdings in Cadence Bank by 19.3% in the fourth quarter. GAMMA Investing LLC now owns 1,862 shares of the company’s stock worth $64,000 after purchasing an additional 301 shares during the last quarter. Arizona State Retirement System boosted its holdings in Cadence Bank by 0.8% in the fourth quarter. Arizona State Retirement System now owns 53,034 shares of the company’s stock worth $1,827,000 after purchasing an additional 415 shares during the last quarter. KBC Group NV boosted its holdings in Cadence Bank by 11.5% in the third quarter. KBC Group NV now owns 5,036 shares of the company’s stock worth $160,000 after purchasing an additional 519 shares during the last quarter. Finally, Algert Global LLC boosted its holdings in Cadence Bank by 2.8% in the third quarter. Algert Global LLC now owns 18,920 shares of the company’s stock worth $603,000 after purchasing an additional 522 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Down 4.0 %

Shares of NYSE:CADE opened at $29.15 on Tuesday. Cadence Bank has a 52 week low of $26.16 and a 52 week high of $40.20. The stock has a market capitalization of $5.31 billion, a P/E ratio of 10.52 and a beta of 0.96. The firm has a fifty day simple moving average of $34.16 and a two-hundred day simple moving average of $34.17.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter in the previous year, the firm posted $0.40 earnings per share. On average, analysts expect that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.10 annualized dividend and a dividend yield of 3.77%. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s payout ratio is currently 39.71%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CADE. Stephens restated an “overweight” rating and issued a $42.00 target price on shares of Cadence Bank in a report on Thursday, January 23rd. Royal Bank of Canada restated a “sector perform” rating and issued a $38.00 target price on shares of Cadence Bank in a report on Friday, January 24th. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $41.00 to $44.00 in a report on Thursday, December 19th. Keefe, Bruyette & Woods raised their target price on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Citigroup increased their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $38.50.

About Cadence Bank

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.