The Florida State Retirement System Board of Directors is reducing its stock holdings in Cadence Bank (NYSE: CADE)
The State Board of Administration of Florida Retirement System reduced its position in Cadence Bank (NYSE:CADE – Get Rating) by 7.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission ( DRY). The institutional investor held 104,368 shares of the company after selling 7,837 shares during the quarter. The State Board of Administration of Florida Retirement System held approximately 0.10% of Cadence Bank worth $3,054,000 in its last SEC filing.
Several other hedge funds and other institutional investors also changed their positions in the company. Rockefeller Capital Management LP raised its position in Cadence Bank shares by 1.9% in the fourth quarter. Rockefeller Capital Management LP now owns 23,047 shares of the company valued at $686,000 after acquiring 431 additional shares last quarter. Covestor Ltd bought a new position in shares of Cadence Bank in the fourth quarter valued at around $25,000. Strs Ohio increased its position in Cadence Bank shares by 4.7% in the first quarter. Strs Ohio now owns 22,100 shares of the company valued at $646,000 after acquiring an additional 1,000 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Cadence Bank in the fourth quarter worth about $34,000. Finally, Profund Advisors LLC increased its position in Cadence Bank shares by 12.2% in the fourth quarter. Profund Advisors LLC now owns 14,946 shares of the company valued at $445,000 after acquiring 1,626 additional shares in the last quarter. Hedge funds and other institutional investors hold 71.03% of the company’s shares.
A Wall Street analyst gives his opinion
Several research firms have recently weighed in on CADE. Stephens raised his price target on Cadence Bank to $32.00 and gave the company an “outperform” rating in a Wednesday, July 27 research report. Raymond James cut his price target on Cadence Bank from $35.00 to $32.00 and set a “Strong Buy” rating for the company in a Thursday, July 7 report. Truist Financial reduced its price target on Cadence Bank from $32.00 to $30.00 in a Wednesday, June 15 report. Jefferies Financial Group cut its price target on Cadence Bank from $28.00 to $26.00 in a Monday, July 11 report. Finally, TheStreet upgraded Cadence Bank from a “c+” rating to a “b-” rating in a Friday May 27 research note. Four research analysts gave the stock a buy rating and one gave the company a high buy rating. According to data from MarketBeat.com, Cadence Bank currently has a consensus rating of “Buy” and a consensus target price of $31.33.
Cadence Bank trades up 1.5%
NYSE CADE shares opened at $27.88 on Friday. Cadence Bank has a 12-month low of $22.04 and a 12-month high of $34.24. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt ratio of 0.11. The stock has a fifty-day simple moving average of $24.65 and a 200-day simple moving average of $27.20. The stock has a market capitalization of $3.03 billion, a PE ratio of 16.30 and a beta of 1.07.
Cadence Bank (NYSE:CADE – Get Rating) last released its quarterly earnings data on Monday, July 25. The company reported earnings per share of $0.68 for the quarter, beating consensus analyst estimates of $0.66 by $0.02. Cadence Bank achieved a return on equity of 11.01% and a net margin of 17.35%. In the same period a year earlier, the company earned earnings per share of $0.86. On average, stock analysts expect Cadence Bank to post earnings per share of 2.91 for the current year.
Cadence Bank Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3. Investors of record on Thursday, September 15 will receive a dividend of $0.22. The ex-dividend date is Wednesday, September 14. This represents a dividend of $0.88 on an annualized basis and a yield of 3.16%. Cadence Bank’s dividend payout ratio (DPR) is currently 51.46%.
Cadence Bank Profile
(Get a rating)
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, corporate and business banking, cash management, specialty and asset-based lending, commercial real estate, equipment finance and correspondent banking.
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