California Public Employees Retirement System Sells 33,584 Shares of Cadence Bank (NYSE:CADE)

California Public Employees Retirement System decreased its position in shares of Cadence Bank (NYSE:CADEFree Report) by 9.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 329,885 shares of the company’s stock after selling 33,584 shares during the period. California Public Employees Retirement System owned 0.18% of Cadence Bank worth $9,761,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Cadence Bank by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 19,172,865 shares of the company’s stock worth $406,848,000 after acquiring an additional 69,805 shares during the period. Wellington Management Group LLP grew its holdings in Cadence Bank by 15.7% during the 3rd quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock valued at $166,110,000 after buying an additional 1,063,055 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Cadence Bank by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,939,796 shares of the company’s stock valued at $41,162,000 after buying an additional 18,922 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in Cadence Bank by 81.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock valued at $45,344,000 after buying an additional 687,025 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings 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 buying an additional 331,097 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Up 1.8 %

NYSE CADE opened at $28.74 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The company has a fifty day moving average of $27.77 and a two-hundred day moving average of $26.79. The firm has a market capitalization of $5.25 billion, a price-to-earnings ratio of 9.18 and a beta of 1.01. Cadence Bank has a 52 week low of $16.95 and a 52 week high of $31.45.

Cadence Bank (NYSE:CADEGet Free Report) last posted its quarterly earnings data on Friday, April 26th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.54 by $0.08. The company had revenue of $437.69 million during the quarter, compared to analyst estimates of $427.18 million. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. Cadence Bank’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.68 earnings per share. On average, analysts predict that Cadence Bank will post 2.48 earnings per share for the current year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders 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 yield of 3.48%. The ex-dividend date is Friday, June 14th. Cadence Bank’s payout ratio is 31.95%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CADE shares. Truist Financial increased their price objective on shares of Cadence Bank from $32.00 to $33.00 and gave the company a “buy” rating in a report on Monday, April 1st. Jefferies Financial Group cut 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 objective on shares of Cadence Bank from $24.00 to $27.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Stephens reaffirmed an “overweight” rating and set a $33.00 price objective on shares of Cadence Bank in a report on Tuesday, April 23rd. Finally, DA Davidson reissued a “buy” rating on shares of Cadence Bank in a report on Monday, January 15th. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.09.

Get Our Latest Report on Cadence Bank

Cadence Bank Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cadence Bank (NYSE:CADE)

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