New York State Common Retirement Fund Increases Stock Holdings in Cadence Bank (NYSE:CADE)

New York State Common Retirement Fund boosted its stake in Cadence Bank (NYSE:CADE - Free Report) by 49.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 112,255 shares of the company's stock after purchasing an additional 37,129 shares during the quarter. New York State Common Retirement Fund owned about 0.06% of Cadence Bank worth $3,322,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CADE. Vanguard Group Inc. grew its stake in shares of Cadence Bank by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 19,172,865 shares of the company's stock worth $406,848,000 after purchasing an additional 69,805 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Cadence Bank by 15.7% during the 3rd quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company's stock valued at $166,110,000 after purchasing an additional 1,063,055 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Cadence Bank by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,939,796 shares of the company's stock worth $41,162,000 after buying an additional 18,922 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in shares of Cadence Bank by 81.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company's stock worth $45,344,000 after purchasing an additional 687,025 shares during the period. Finally, American Century Companies Inc. grew its holdings in Cadence Bank by 35.7% during the third quarter. American Century Companies Inc. now owns 1,258,097 shares of the company's stock valued at $26,697,000 after purchasing an additional 331,097 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Price Performance

Shares of Cadence Bank stock traded up $0.30 during trading on Monday, hitting $29.31. 658,875 shares of the stock traded hands, compared to its average volume of 1,351,246. The stock has a market cap of $5.35 billion, a price-to-earnings ratio of 9.27 and a beta of 1.01. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. Cadence Bank has a 52 week low of $17.38 and a 52 week high of $31.45. The firm's fifty day moving average is $27.84 and its 200-day moving average is $26.93.

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

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors 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 annualized dividend and a yield of 3.41%. Cadence Bank's payout ratio is 31.95%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Hovde Group raised Cadence Bank from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $32.50 to $33.00 in a research report on Wednesday, April 24th. Keefe, Bruyette & Woods raised their target price on Cadence Bank from $32.00 to $33.00 and gave the company an "outperform" rating in a report on Wednesday, April 24th. Raymond James decreased their price objective on shares of Cadence Bank from $35.00 to $34.00 and set a "strong-buy" rating for the company in a research note on Wednesday, January 31st. Royal Bank of Canada restated a "sector perform" rating and set a $31.00 price objective on shares of Cadence Bank in a report on Tuesday, April 9th. Finally, DA Davidson reiterated a "buy" rating on shares of Cadence Bank in a research note on Monday, January 15th. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cadence Bank currently has an average rating of "Moderate Buy" and a consensus price target of $31.09.

About Cadence Bank

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.