Teachers Retirement System of The State of Kentucky Boosts Holdings in Cadence Bank (NYSE:CADE)

Teachers Retirement System of The State of Kentucky grew its position in shares of Cadence Bank (NYSE:CADE - Free Report) by 4.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 167,627 shares of the company's stock after purchasing an additional 7,829 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.09% of Cadence Bank worth $5,089,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Teacher Retirement System of Texas raised its stake in shares of Cadence Bank by 312.7% during the first quarter. Teacher Retirement System of Texas now owns 49,592 shares of the company's stock valued at $1,506,000 after purchasing an additional 37,576 shares during the period. Principal Financial Group Inc. raised its stake in shares of Cadence Bank by 1.2% during the first quarter. Principal Financial Group Inc. now owns 425,330 shares of the company's stock valued at $12,913,000 after purchasing an additional 5,221 shares during the period. State of Alaska Department of Revenue raised its stake in shares of Cadence Bank by 3.1% during 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 period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Cadence Bank by 2.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 69,707 shares of the company's stock valued at $2,116,000 after purchasing an additional 1,670 shares during the period. Finally, GAMMA Investing LLC increased its stake in shares of Cadence Bank by 55.3% in the first quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock worth $88,000 after buying an additional 1,030 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 analysts recently issued reports on the stock. Hovde Group lifted their price target on shares of Cadence Bank from $32.00 to $34.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. DA Davidson dropped their price target on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Royal Bank Of Canada dropped their price target on shares of 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. Barclays lifted their price target on shares of Cadence Bank from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, Stephens restated an "overweight" rating and issued a $40.00 price target on shares of Cadence Bank in a research note on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $38.50.

Cadence Bank Stock Up 0.5%

CADE stock opened at $35.05 on Tuesday. 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 fifty day moving average price of $32.00 and a two-hundred day moving average price of $31.80. The firm has a market cap of $6.39 billion, a price-to-earnings ratio of 12.30 and a beta of 0.84.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.07. Cadence Bank had a net margin of 18.83% and a return on equity of 9.95%. The company had revenue of $448.55 million during the quarter, compared to the consensus estimate of $451.61 million. During the same quarter in the previous year, the company posted $0.62 earnings per share. Research analysts predict that Cadence Bank will post 2.94 EPS for the current year.

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

Cadence Bank Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend was Friday, June 13th. Cadence Bank's dividend payout ratio (DPR) is 38.60%.

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.

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