Cadence Bank (NYSE:CADE) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System reduced its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 5.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 223,159 shares of the company's stock after selling 13,387 shares during the quarter. New York State Teachers Retirement System owned 0.12% of Cadence Bank worth $6,775,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Ironwood Investment Management LLC raised its holdings in shares of Cadence Bank by 1.2% in the 4th quarter. Ironwood Investment Management LLC now owns 30,170 shares of the company's stock valued at $1,039,000 after purchasing an additional 354 shares during the period. Arizona State Retirement System boosted its stake in shares of Cadence Bank by 0.8% during the 4th quarter. Arizona State Retirement System now owns 53,034 shares of the company's stock worth $1,827,000 after acquiring an additional 415 shares during the period. Johnson Investment Counsel Inc. grew its stake in Cadence Bank by 8.6% in the 1st quarter. Johnson Investment Counsel Inc. now owns 7,317 shares of the company's stock valued at $222,000 after buying an additional 578 shares during the last quarter. Sit Investment Associates Inc. lifted its position in Cadence Bank by 2.4% during the fourth quarter. Sit Investment Associates Inc. now owns 25,750 shares of the company's stock worth $887,000 after acquiring an additional 600 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its position in shares of Cadence Bank by 3.1% in the first quarter. State of Alaska Department of Revenue now owns 21,500 shares of the company's stock valued at $652,000 after purchasing an additional 640 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Keefe, Bruyette & Woods upped their price objective on Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a report on Friday, May 9th. Royal Bank Of Canada cut their target price on Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Hovde Group lifted their price target on shares of Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Wall Street Zen lowered Cadence Bank from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. Finally, DA Davidson reduced their price objective on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $38.50.

Cadence Bank Trading Down 0.5%

Shares of CADE traded down $0.16 during midday trading on Wednesday, hitting $35.07. The stock had a trading volume of 569,506 shares, compared to its average volume of 1,316,597. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.87 and a quick ratio of 0.87. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $40.20. The firm has a market cap of $6.39 billion, a PE ratio of 12.30 and a beta of 0.84. The stock's 50 day moving average is $31.23 and its 200 day moving average is $31.79.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings data on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.07. The company had revenue of $448.55 million for the quarter, compared to analysts' expectations of $451.61 million. Cadence Bank had a return on equity of 9.95% and a net margin of 18.83%. During the same quarter in the prior year, the firm earned $0.62 earnings per share. As a group, analysts forecast that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were paid a $0.275 dividend. The ex-dividend date was Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.14%. Cadence Bank's payout ratio is currently 38.60%.

Cadence Bank declared that its Board of Directors has authorized a share repurchase plan on Friday, April 25th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

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.