Retirement Systems of Alabama decreased its position in shares of Cadence Bank (NYSE:CADE – Get Rating) by 3.7% during the 1st quarter, HoldingsChannel reports. The fund owned 247,120 shares of the company’s stock after selling 9,466 shares during the quarter. Retirement Systems of Alabama’s holdings in Cadence Bank were worth $7,231,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Rockefeller Capital Management L.P. boosted its position in shares of Cadence Bank by 1.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 23,047 shares of the company’s stock valued at $686,000 after acquiring an additional 431 shares during the last quarter. Covestor Ltd acquired a new position in shares of Cadence Bank during the 4th quarter valued at about $25,000. Founders Capital Management acquired a new position in shares of Cadence Bank during the 4th quarter valued at about $30,000. Quadrant Capital Group LLC acquired a new position in shares of Cadence Bank during the 4th quarter valued at about $30,000. Finally, Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Cadence Bank in the fourth quarter valued at about $34,000. 71.03% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:CADE opened at $23.84 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.69. The firm has a market capitalization of $2.59 billion, a PE ratio of 13.86 and a beta of 1.06. The firm’s 50-day moving average is $25.14 and its two-hundred day moving average is $28.45. Cadence Bank has a 1 year low of $22.82 and a 1 year high of $34.24.
Cadence Bank (NYSE:CADE – Get Rating) last issued its quarterly earnings results on Monday, April 25th. The company reported $0.60 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.60. The company had revenue of $440.26 million for the quarter, compared to analyst estimates of $427.57 million. Cadence Bank had a net margin of 15.87% and a return on equity of 10.92%. During the same period in the prior year, the firm earned $0.73 earnings per share. Analysts expect that Cadence Bank will post 2.8 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 1st. Shareholders of record on Wednesday, June 15th were paid a dividend of $0.22 per share. The ex-dividend date was Tuesday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 3.69%. Cadence Bank’s dividend payout ratio (DPR) is presently 51.16%.
A number of research firms have commented on CADE. Piper Sandler decreased their target price on shares of Cadence Bank to $33.00 in a research report on Monday. TheStreet raised shares of Cadence Bank from a “c+” rating to a “b-” rating in a research report on Friday, May 27th. Finally, Truist Financial decreased their target price on shares of Cadence Bank from $32.00 to $30.00 in a research report on Wednesday, June 15th. Three equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $34.50.
About Cadence Bank (Get Rating)
Cadence Bank provides commercial banking and financial services in the United States. 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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