The most recent Form 13F filing that Algebris UK Ltd made with the Securities and Exchange Commission revealed that the company increased its stake in Cadence Bank (NYSE: CADE) during the third quarter of this year by 93.3%.
The corporation increased its ownership stake in the company during the quarter by purchasing an additional 128,406 shares, bringing the total number of shares it owns in the enterprise to a value equal to 266,089. Cadence Bank represents approximately 3.0% of Algebris UK Ltd’s portfolio and ranks as the approximately 12th largest position the company holds.
At the end of the most recent reporting period, Algebris UK Ltd held an interest in Cadence Bank valued at $6,732,000 and represented 0.24 percent of the company.
This interest was equivalent to 0.24 percent of the company.
Hedge funds and other types of institutional investors have recently made adjustments to the number of shares of a specific company they now control due to these adjustments.
During the second quarter, Mitsubishi UFJ Kokusai Asset Management Co Ltd began a new investment in Cadence Bank stock, estimated to be worth approximately $400,000 at the time of the investment’s inception.
During the third quarter, the New York State Teachers Retirement System increased the amount of Cadence Bank stock owned by 8.7%, bringing its total ownership percentage to 100%.
The New York State Teachers Retirement System now has 233,592 shares, valued at $5,936,000, after purchasing an additional 18,654 shares during the period in question.
These shares have a current market value of $5,936,000.
During the second quarter, FMR LLC achieved a 6.1% increase in the proportion of Cadence Bank stock it owned. Following the acquisition of a further 135,169 shares during the period in question, FMR LLC now possesses a total of 2,344,837 shares of the company’s stock, which has a current market value of $55,057,000.
Picton Mahoney Asset Management paid approximately 132,000 dollars during the third quarter of the fiscal year to acquire a new interest in Cadence Bank.
Last but not least, during the second quarter, AlphaCrest Capital Management LLC made a 386.9% increase in the Cadence Bank stock it owned.
AlphaCrest Capital Management LLC now has 127,816 shares of the company’s stock after purchasing an additional 101,563 shares during the period.
These shares have a combined value of $3,000,000 because AlphaCrest Capital Management LLC has 127,816.
When trading started on Friday, the price of a share of CADE stock was $26.57.
The company’s market capitalization is currently at a value of $2.89 billion, its P/E ratio is at 10.86, and its beta value is at 1.01.
There is 0.11 times more debt than equity, 0.75 times more current assets, and 0.74 times more liquid assets.
In order, we will now consider each of these numbers.
During the previous year, the share price of Cadence Bank reached a high of $32.57 and a low of $22.04 throughout the period.
The moving averages for the company are currently located at $25.52 for the 50 days and $26.42 for the 200 days, respectively.
On January 31, Cadence Bank, traded on the NYSE under the symbol “CADE,” disseminated its most recent quarterly earnings report. “CADE” is the ticker symbol for the company.
The company’s earnings per share for the quarter came in at $0.78, which is $0.03 higher than the consensus forecast of $0.75 per share for the company’s earnings per share. Cadence Bank had a return on equity of 13.05% and a net margin of 22.56% for the company overall.
The company’s sales for the quarter came in at $474.23 million, which is a number that is significantly lower than the industry experts’ forecast of $485.08 million for the company’s sales.
The previous year’s results were compared to those of the current year, and it was determined that the company earned $0.63 per share during the quarter. Compared to what it was during the same quarter the previous year, the revenue for this quarter saw a 26.4% increase in growth.
The analysts at research companies forecast that Cadence Bank will generate earnings of 2.9 cents per share during the current fiscal year.
In addition, the company declared a quarterly dividend, which will be paid out on April 3 of this year.
This dividend is scheduled to be paid out. On March 15, shareholders of record will be entitled to receive the dividend payment of $0.235 per share.
The “ex-dividend” status of this dividend will be applied as of March 14, Tuesday.
As a result, this constitutes an increase compared to the previous quarterly dividend paid out by Cadence Bank, which was $0.22.
This equates to an annual dividend payment of $0.94 and a dividend yield of 3.54% for the company’s share price.
Presently, 35.77% is the proportion of deposits that Cadence Bank pays out.
Several equity analysts have published recent reports on the company’s shares, and these reports are based on the most recent findings that these analysts have obtained.
In a research note published on February 1, Stephens raised their price objective for Cadence Bank shares from $30.00 to $32.00 and upgraded their “overweight” rating for Cadence Bank to reflect this change.
In a research report published on November 17, Janney Montgomery Scott changed their rating on Cadence Bank from “buy” to “neutral” and increased their price target on Cadence Bank from $29.00 to $30.00.
Additionally, they raised their price target on Cadence Bank from $29.00 to $30.00.
They explained their choice by stating that it was derived from their situation evaluation.
In a research note published on February 1, Truist Financial reaffirmed its “buy” recommendation on Cadence Bank stock.
The note was about the company’s financial performance. While keeping its “buy” rating on the stock, the company decreased its price objective on shares of Cadence Bank from $31.00 to $29.00.
In a research note published on February 1, Morgan Stanley categorized Cadence Bank stock as “equal weight” and decreased their price target on Cadence Bank shares from $32.00 to $29.00.
The price target had been previously set at $32.00.
