State Board of Administration of Florida Retirement System decreased its position in shares of Cadence Bank (NYSE:CADE – Get Rating) by 23.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 79,652 shares of the company’s stock after selling 24,716 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Cadence Bank were worth $1,870,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Prospera Financial Services Inc bought a new stake in Cadence Bank during the first quarter worth approximately $58,000. Citizens National Bank Trust Department bought a new position in shares of Cadence Bank in the second quarter valued at $57,000. Covestor Ltd increased its holdings in shares of Cadence Bank by 189.8% in the first quarter. Covestor Ltd now owns 2,455 shares of the company’s stock valued at $72,000 after buying an additional 1,608 shares in the last quarter. Bollard Group LLC bought a new position in shares of Cadence Bank in the first quarter valued at $144,000. Finally, Fruth Investment Management bought a new position in shares of Cadence Bank in the second quarter valued at $201,000.
Analyst Upgrades and Downgrades
Separately, Stephens lifted their price objective on shares of Cadence Bank to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 27th.
Cadence Bank Trading Down 1.3 %
Cadence Bank (NYSE:CADE – Get Rating) last issued its quarterly earnings data on Monday, October 24th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.01. The firm had revenue of $479.85 million during the quarter, compared to analysts’ expectations of $464.68 million. Cadence Bank had a net margin of 17.78% and a return on equity of 11.92%. Analysts expect that Cadence Bank will post 2.92 EPS for the current fiscal year.
Cadence Bank Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Thursday, December 15th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date is Wednesday, December 14th. Cadence Bank’s dividend payout ratio is 51.16%.
About Cadence Bank
Cadence Bank provides commercial banking and financial services in the United States. 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.
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