Louisiana State Employees Retirement System Sells 1,100 Shares of Cadence Bank (NYSE:CADE)

Louisiana State Employees Retirement System reduced its holdings in Cadence Bank (NYSE:CADE) by 2.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 50,600 shares of the company’s stock after selling 1,100 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Cadence Bank were worth $1,612,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Cadence Bank by 4.9% in the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after purchasing an additional 940,895 shares in the last quarter. State Board of Administration of Florida Retirement System grew its stake in Cadence Bank by 32.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 68,892 shares of the company’s stock valued at $1,998,000 after acquiring an additional 16,850 shares during the period. Entropy Technologies LP acquired a new stake in Cadence Bank in the first quarter valued at approximately $716,000. Blue Trust Inc. grew its stake in Cadence Bank by 456.6% in the second quarter. Blue Trust Inc. now owns 21,667 shares of the company’s stock valued at $628,000 after acquiring an additional 17,774 shares during the period. Finally, Natixis Advisors LLC grew its stake in Cadence Bank by 8.0% in the second quarter. Natixis Advisors LLC now owns 419,375 shares of the company’s stock valued at $11,860,000 after acquiring an additional 30,945 shares during the period. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Stock Down 1.9 %

CADE stock opened at $33.43 on Friday. The stock has a market cap of $6.09 billion, a P/E ratio of 10.68 and a beta of 0.96. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05. The stock’s fifty day simple moving average is $32.06 and its two-hundred day simple moving average is $30.15. Cadence Bank has a 1-year low of $20.83 and a 1-year high of $34.85.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.09. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The company had revenue of $447.36 million during the quarter, compared to analyst estimates of $450.97 million. During the same quarter in the prior year, the business earned $0.56 earnings per share. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. Analysts expect that Cadence Bank will post 2.57 EPS for the current year.

Cadence Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio is currently 31.95%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Stephens reissued an “overweight” rating and issued a $35.00 price objective on shares of Cadence Bank in a research note on Tuesday, July 23rd. Truist Financial raised their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada raised their price objective on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Finally, Piper Sandler cut Cadence Bank from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $33.00 to $34.00 in a research report on Wednesday, July 24th. Five equities research 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.29.

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.