New York State Teachers Retirement System Sells 13,387 Shares of Cadence Bank (NYSE:CADE)

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

Other hedge funds have also modified their holdings of the company. Smartleaf Asset Management LLC raised its position in Cadence Bank by 163.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company's stock valued at $40,000 after buying an additional 722 shares during the period. Abound Wealth Management raised its position in Cadence Bank by 223.3% during the first quarter. Abound Wealth Management now owns 1,665 shares of the company's stock valued at $51,000 after buying an additional 1,150 shares during the period. UMB Bank n.a. raised its position in Cadence Bank by 169.6% during the first quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock valued at $54,000 after buying an additional 1,116 shares during the period. Jones Financial Companies Lllp raised its position in Cadence Bank by 1,601.0% during the fourth quarter. Jones Financial Companies Lllp now owns 1,718 shares of the company's stock valued at $59,000 after buying an additional 1,617 shares during the period. Finally, State of Wyoming raised its position in Cadence Bank by 172.4% during the fourth quarter. State of Wyoming now owns 2,359 shares of the company's stock valued at $81,000 after buying an additional 1,493 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Stock Up 0.1%

Shares of NYSE CADE traded up $0.02 during mid-day trading on Wednesday, reaching $35.25. 1,252,948 shares of the company traded hands, compared to its average volume of 1,320,069. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $6.42 billion, a PE ratio of 12.37 and a beta of 0.84. The company's fifty day moving average is $31.34 and its two-hundred day moving average is $31.81. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its quarterly earnings data on Monday, April 21st. The company reported $0.71 EPS for the quarter, beating analysts' consensus estimates of $0.64 by $0.07. The business had revenue of $448.55 million for the quarter, compared to analyst estimates 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 posted $0.62 EPS. On average, analysts expect that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date was Friday, June 13th. Cadence Bank's dividend payout ratio is 38.60%.

Cadence Bank declared that its Board of Directors has approved a share buyback plan on Friday, April 25th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

CADE has been the topic of several recent analyst reports. Barclays reissued an "overweight" rating and set a $41.00 price target (up from $38.00) on shares of Cadence Bank in a research report on Tuesday. Keefe, Bruyette & Woods upped their price target on Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a research report on Friday, May 9th. DA Davidson dropped their price target on Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Royal Bank Of Canada dropped their target price on Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. Finally, Hovde Group upped their target price on Cadence Bank from $32.00 to $34.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.50.

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.