California Public Employees Retirement System Trims Stake in Cadence Bank (NYSE:CADE)

California Public Employees Retirement System decreased its position in Cadence Bank (NYSE:CADE - Free Report) by 9.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 329,885 shares of the company's stock after selling 33,584 shares during the period. California Public Employees Retirement System owned approximately 0.18% of Cadence Bank worth $9,761,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Cadence Bank by 10.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,023 shares of the company's stock worth $1,243,000 after purchasing an additional 4,057 shares in the last quarter. Strs Ohio lifted its stake in Cadence Bank by 26.8% during the 4th quarter. Strs Ohio now owns 19,900 shares of the company's stock valued at $588,000 after acquiring an additional 4,200 shares during the period. Louisiana State Employees Retirement System bought a new position in Cadence Bank during the 4th quarter valued at about $1,518,000. RFG Advisory LLC bought a new position in Cadence Bank during the 4th quarter valued at about $264,000. Finally, Vaughan Nelson Investment Management L.P. lifted its stake in Cadence Bank by 81.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company's stock valued at $45,344,000 after acquiring an additional 687,025 shares during the period. Institutional investors own 84.61% of the company's stock.

Cadence Bank Price Performance

CADE stock traded up $0.27 during midday trading on Friday, hitting $29.00. The company's stock had a trading volume of 539,998 shares, compared to its average volume of 1,359,298. Cadence Bank has a 12 month low of $16.95 and a 12 month high of $31.45. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $5.30 billion, a price-to-earnings ratio of 9.18 and a beta of 1.01. The company has a 50 day moving average of $27.80 and a two-hundred day moving average of $26.80.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings results on Friday, April 26th. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.08. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The business had revenue of $437.69 million during the quarter, compared to the consensus estimate of $427.18 million. During the same period in the prior year, the company posted $0.68 EPS. The firm's revenue for the quarter was up 12.6% compared to the same quarter last year. On average, analysts expect that Cadence Bank will post 2.48 EPS for the current year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, June 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.45%. Cadence Bank's dividend payout ratio is currently 31.95%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. DA Davidson reaffirmed a "buy" rating on shares of Cadence Bank in a research report on Monday, January 15th. Stephens reaffirmed an "overweight" rating and set a $33.00 price target on shares of Cadence Bank in a research report on Tuesday, April 23rd. Hovde Group raised shares of Cadence Bank from a "market perform" rating to an "outperform" rating and upped their price target for the company from $32.50 to $33.00 in a research report on Wednesday, April 24th. TheStreet lowered shares of Cadence Bank from a "b" rating to a "c" rating in a research report on Tuesday, January 30th. Finally, Truist Financial increased their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the stock a "buy" rating in a report on Monday, April 1st. Five 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 currently has a consensus rating of "Moderate Buy" and an average price target of $31.09.

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.