New York State Common Retirement Fund Has $3.32 Million Stake in Cadence Bank (NYSE:CADE)

New York State Common Retirement Fund lifted its holdings in shares of Cadence Bank (NYSE:CADE) by 49.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 112,255 shares of the company’s stock after purchasing an additional 37,129 shares during the quarter. New York State Common Retirement Fund owned approximately 0.06% of Cadence Bank worth $3,322,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Barclays PLC raised its position in shares of Cadence Bank by 30.7% in the third quarter. Barclays PLC now owns 528,407 shares of the company’s stock valued at $11,212,000 after purchasing an additional 124,084 shares during the period. Comerica Bank acquired a new position in shares of Cadence Bank during the 3rd quarter worth about $5,177,000. American Century Companies Inc. boosted its stake in Cadence Bank by 35.7% during the 3rd quarter. American Century Companies Inc. now owns 1,258,097 shares of the company’s stock valued at $26,697,000 after purchasing an additional 331,097 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Cadence Bank by 15.7% during the third quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock worth $166,110,000 after buying an additional 1,063,055 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its position in shares of Cadence Bank by 81.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock valued at $45,344,000 after acquiring an additional 687,025 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Truist Financial lifted their target price on Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Hovde Group upgraded shares of Cadence Bank from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $32.50 to $33.00 in a research note on Wednesday, April 24th. Jefferies Financial Group reduced their price objective on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a report on Monday, April 8th. Morgan Stanley increased their price target on shares of Cadence Bank from $24.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Finally, TheStreet downgraded Cadence Bank from a “b” rating to a “c” rating in a report on Tuesday, January 30th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.09.

Cadence Bank Stock Performance

Shares of Cadence Bank stock opened at $29.00 on Monday. The company has a 50 day moving average of $27.84 and a 200-day moving average of $26.89. Cadence Bank has a 1-year low of $16.95 and a 1-year high of $31.45. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09. The company has a market cap of $5.30 billion, a PE ratio of 9.27 and a beta of 1.01.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Friday, April 26th. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.54 by $0.08. The business had revenue of $437.69 million during the quarter, compared to the consensus estimate of $427.18 million. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The firm’s revenue was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.68 EPS. As a group, equities research analysts forecast that Cadence Bank will post 2.48 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.45%. The ex-dividend date is Friday, June 14th. Cadence Bank’s payout ratio is currently 31.95%.

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.