New York State Teachers Retirement System Boosts Stake in Cadence Bank (NYSE:CADE)

New York State Teachers Retirement System raised its holdings in shares of Cadence Bank (NYSE:CADE) by 0.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 223,359 shares of the company’s stock after buying an additional 1,762 shares during the quarter. New York State Teachers Retirement System’s holdings in Cadence Bank were worth $7,114,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of CADE. GAMMA Investing LLC lifted its position in shares of Cadence Bank by 77.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after buying an additional 436 shares in the last quarter. AlphaMark Advisors LLC raised its holdings in shares of Cadence Bank by 5.6% during the second quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock valued at $307,000 after acquiring an additional 579 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Cadence Bank by 0.3% in the first quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock valued at $6,681,000 after acquiring an additional 689 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Cadence Bank in the third quarter worth approximately $25,000. Finally, Arizona State Retirement System increased its position in shares of Cadence Bank by 1.9% during the second quarter. Arizona State Retirement System now owns 51,159 shares of the company’s stock worth $1,447,000 after purchasing an additional 938 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Price Performance

Cadence Bank stock opened at $33.02 on Tuesday. Cadence Bank has a 52-week low of $21.47 and a 52-week high of $34.85. The company’s 50 day moving average is $32.06 and its two-hundred day moving average is $30.25. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The firm has a market cap of $6.02 billion, a PE ratio of 9.49 and a beta of 0.95.

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 analysts’ consensus estimates of $0.64 by $0.09. The company had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. Cadence Bank’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period last year, the firm earned $0.56 earnings per share. On average, research analysts expect that Cadence Bank will post 2.69 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 annualized dividend and a yield of 3.03%. Cadence Bank’s dividend payout ratio (DPR) is 28.74%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Hovde Group upped their target price on shares of Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Stephens reaffirmed an “overweight” rating and set a $35.00 price objective on shares of Cadence Bank in a research note on Tuesday, July 23rd. Piper Sandler cut Cadence Bank from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $33.00 to $34.00 in a report on Wednesday, July 24th. Royal Bank of Canada increased their price target on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Finally, DA Davidson boosted their price objective on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.