Retirement Systems of Alabama Raises Stock Holdings in Cadence Bank (NYSE:CADE)

Posted by on May 4th, 2023

Retirement Systems of Alabama lifted its holdings in shares of Cadence Bank (NYSE:CADE – Get Rating) by 0.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 240,468 shares of the company’s stock after purchasing an additional 1,593 shares during the quarter. Retirement Systems of Alabama owned 0.22% of Cadence Bank worth $5,930,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. State of Michigan Retirement System boosted its stake in Cadence Bank by 0.9% in the fourth quarter. State of Michigan Retirement System now owns 46,410 shares of the company’s stock worth $1,144,000 after buying an additional 400 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in Cadence Bank by 0.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 53,637 shares of the company’s stock worth $1,323,000 after purchasing an additional 425 shares in the last quarter. Creative Planning raised its holdings in Cadence Bank by 3.7% in the third quarter. Creative Planning now owns 12,665 shares of the company’s stock worth $322,000 after purchasing an additional 451 shares in the last quarter. Teton Advisors Inc. increased its holdings in shares of Cadence Bank by 3.4% during the third quarter. Teton Advisors Inc. now owns 15,240 shares of the company’s stock valued at $387,000 after acquiring an additional 500 shares in the last quarter. Finally, CWM LLC increased its holdings in shares of Cadence Bank by 4.9% during the fourth quarter. CWM LLC now owns 16,846 shares of the company’s stock valued at $415,000 after acquiring an additional 789 shares in the last quarter.

Cadence Bank Stock Performance

NYSE CADE opened at $18.48 on Thursday. The company has a market cap of $2.01 billion, a P/E ratio of 8.18 and a beta of 0.96. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.74 and a current ratio of 0.79. The business’s 50 day moving average price is $21.93 and its 200-day moving average price is $24.94. Cadence Bank has a fifty-two week low of $18.40 and a fifty-two week high of $29.41.

Cadence Bank (NYSE:CADE – Get Rating) last announced its quarterly earnings data on Tuesday, April 25th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.66 by $0.02. The company had revenue of $600.20 million for the quarter, compared to the consensus estimate of $456.09 million. Cadence Bank had a return on equity of 13.24% and a net margin of 19.37%. During the same quarter in the prior year, the company posted $0.65 EPS. Sell-side analysts predict that Cadence Bank will post 2.75 earnings per share for the current year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 15th will be paid a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a dividend yield of 5.09%. The ex-dividend date is Wednesday, June 14th. Cadence Bank’s dividend payout ratio (DPR) is currently 41.59%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. DA Davidson reduced their price objective on Cadence Bank from $29.50 to $25.00 and set a “buy” rating for the company in a report on Tuesday, March 21st. Morgan Stanley cut their price objective on Cadence Bank from $29.00 to $23.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 5th. Truist Financial cut their price objective on Cadence Bank from $29.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, March 23rd. Raymond James lowered their price target on Cadence Bank from $30.00 to $26.00 and set a “strong-buy” rating on the stock in a report on Thursday, April 6th. Finally, Stephens boosted their price target on Cadence Bank from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Wednesday, February 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $26.90.

About Cadence Bank

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Cadence Bank provides banking and financial solutions to consumers, businesses and corporations. Its services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, and personal and business insurance.

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Institutional Ownership by Quarter for Cadence Bank (NYSE:CADE)

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