Cadence Bank (NYSE:CADE) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama reduced its position in shares of Cadence Bank (NYSE:CADE) by 1.7% in the third quarter, HoldingsChannel.com reports. The firm owned 221,608 shares of the company’s stock after selling 3,865 shares during the period. Retirement Systems of Alabama’s holdings in Cadence Bank were worth $7,058,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CADE. FMR LLC lifted its holdings in shares of Cadence Bank by 1.2% in the third quarter. FMR LLC now owns 16,423,050 shares of the company’s stock valued at $523,074,000 after buying an additional 195,773 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Cadence Bank by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after acquiring an additional 593,878 shares during the last quarter. State Street Corp lifted its holdings in Cadence Bank by 1.9% in the 3rd quarter. State Street Corp now owns 8,872,085 shares of the company’s stock valued at $284,759,000 after acquiring an additional 165,282 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Cadence Bank by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock valued at $138,974,000 after purchasing an additional 39,679 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Cadence Bank by 4.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,242,486 shares of the company’s stock worth $71,423,000 after purchasing an additional 105,231 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Trading Down 2.5 %

Shares of NYSE CADE opened at $35.71 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. Cadence Bank has a one year low of $24.99 and a one year high of $40.20. The business has a 50-day moving average price of $35.90 and a two-hundred day moving average price of $32.24. The firm has a market capitalization of $6.51 billion, a PE ratio of 10.26 and a beta of 0.98.

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

Cadence Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.80%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio is currently 28.74%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CADE. Barclays raised their target price on shares of Cadence Bank from $37.00 to $41.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Royal Bank of Canada raised their price objective on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Truist Financial boosted their target price on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $36.00 to $39.00 in a report on Monday, September 30th. Finally, DA Davidson lifted their price target 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 assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.63.

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.