Public Employees Retirement System of Ohio Has $240,000 Holdings in Cadence Bank (NYSE:CADE)

Public Employees Retirement System of Ohio boosted its stake in Cadence Bank (NYSE:CADE) by 206.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,525 shares of the company’s stock after buying an additional 5,073 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Cadence Bank were worth $240,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the stock. KBC Group NV grew its position in Cadence Bank by 11.5% during the 3rd quarter. KBC Group NV now owns 5,036 shares of the company’s stock worth $160,000 after acquiring an additional 519 shares during the last quarter. Algert Global LLC boosted its stake in Cadence Bank by 2.8% in the third quarter. Algert Global LLC now owns 18,920 shares of the company’s stock worth $603,000 after purchasing an additional 522 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Cadence Bank by 55.8% during the third quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock worth $50,000 after purchasing an additional 559 shares during the last quarter. HighTower Advisors LLC lifted its position in Cadence Bank by 1.4% during the 3rd quarter. HighTower Advisors LLC now owns 43,940 shares of the company’s stock worth $1,406,000 after buying an additional 599 shares in the last quarter. Finally, V Square Quantitative Management LLC acquired a new position in Cadence Bank during the 3rd quarter worth about $25,000. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Stock Up 0.9 %

Cadence Bank stock opened at $34.08 on Friday. Cadence Bank has a fifty-two week low of $24.99 and a fifty-two week high of $40.20. The firm has a market capitalization of $6.21 billion, a price-to-earnings ratio of 9.79 and a beta of 0.98. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. The company’s 50 day simple moving average is $36.04 and its 200 day simple moving average is $32.30.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.09. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The company had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. During the same period in the prior year, the company earned $0.56 earnings per share. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cadence Bank will post 2.71 EPS for the current year.

Cadence Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date is Friday, December 13th. Cadence Bank’s payout ratio is currently 28.74%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Truist Financial raised their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price objective on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $36.00 to $39.00 in a research report on Monday, September 30th. DA Davidson upped their price target on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $41.00 to $44.00 in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.88.

Cadence Bank Company 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.