Arizona State Retirement System Has $1.59 Million Holdings in Cadence Bank (NYSE:CADE)

Arizona State Retirement System lessened its holdings in Cadence Bank (NYSE:CADE) by 1.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,418 shares of the company’s stock after selling 616 shares during the period. Arizona State Retirement System’s holdings in Cadence Bank were worth $1,591,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Cadence Bank by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company’s stock worth $705,821,000 after acquiring an additional 191,717 shares during the last quarter. Northern Trust Corp grew its position in Cadence Bank by 15.0% in the 4th quarter. Northern Trust Corp now owns 2,684,312 shares of the company’s stock worth $92,475,000 after purchasing an additional 350,660 shares in the last quarter. First Trust Advisors LP grew its position in Cadence Bank by 21.2% in the 4th quarter. First Trust Advisors LP now owns 2,634,335 shares of the company’s stock worth $90,753,000 after purchasing an additional 460,486 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its position in Cadence Bank by 8.1% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 2,416,198 shares of the company’s stock worth $73,356,000 after purchasing an additional 181,465 shares in the last quarter. Finally, Norges Bank bought a new stake in Cadence Bank in the 4th quarter worth about $71,915,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CADE shares. Barclays reaffirmed an “overweight” rating and issued a $41.00 price objective (up from $38.00) on shares of Cadence Bank in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods raised their price objective on shares of Cadence Bank from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Friday, May 9th. Wall Street Zen raised shares of Cadence Bank from a “sell” rating to a “hold” rating in a report on Friday. Piper Sandler raised shares of Cadence Bank from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $36.00 to $42.00 in a report on Tuesday, July 8th. Finally, Hovde Group raised their price objective on shares of Cadence Bank from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Cadence Bank presently has an average rating of “Moderate Buy” and a consensus target price of $38.50.

Cadence Bank Stock Performance

Cadence Bank stock opened at $34.91 on Friday. The firm’s fifty day moving average price is $32.00 and its 200-day moving average price is $31.83. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $6.36 billion, a P/E ratio of 12.25 and a beta of 0.84. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.07. The firm had revenue of $448.55 million for the quarter, compared to analysts’ expectations of $451.61 million. Cadence Bank had a net margin of 18.83% and a return on equity of 9.95%. During the same quarter last year, the company posted $0.62 EPS. On average, equities research analysts expect that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend was Friday, June 13th. Cadence Bank’s dividend payout ratio (DPR) is currently 38.60%.

Cadence Bank declared that its Board of Directors has approved a share repurchase program on Friday, April 25th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

About Cadence Bank

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.