State of Alaska Department of Revenue Boosts Stock Holdings in Cadence Bank (NYSE:CADE)

State of Alaska Department of Revenue boosted its stake in shares of Cadence Bank (NYSE:CADE) by 7.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,160 shares of the company’s stock after acquiring an additional 1,435 shares during the period. State of Alaska Department of Revenue’s holdings in Cadence Bank were worth $673,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CADE. Vanguard Group Inc. grew its stake in shares of Cadence Bank by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after buying an additional 940,895 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Cadence Bank by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after purchasing an additional 593,878 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Cadence Bank by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock valued at $59,071,000 after purchasing an additional 36,323 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its position in shares of Cadence Bank by 1.8% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,791,633 shares of the company’s stock worth $50,667,000 after buying an additional 31,815 shares during the last quarter. Finally, Natixis Advisors LLC grew its position in shares of Cadence Bank by 8.0% in the 2nd quarter. Natixis Advisors LLC now owns 419,375 shares of the company’s stock worth $11,860,000 after buying an additional 30,945 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Stock Performance

NYSE:CADE opened at $38.57 on Thursday. Cadence Bank has a twelve month low of $21.47 and a twelve month high of $38.77. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $7.03 billion, a price-to-earnings ratio of 11.04 and a beta of 0.95. The firm’s fifty day simple moving average is $32.11 and its 200 day simple moving average is $30.34.

Cadence Bank (NYSE:CADE) last released its earnings results on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The company had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. During the same quarter in the previous year, the firm earned $0.56 EPS. The company’s revenue was up 11.0% on a year-over-year basis. As a group, equities research analysts expect that Cadence Bank will post 2.69 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.59%. The ex-dividend date is Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is 28.74%.

Analyst Upgrades and Downgrades

CADE has been the subject of several research reports. Barclays lifted their price objective on shares of Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Stephens restated an “overweight” rating and set a $35.00 price objective on shares of Cadence Bank in a research note on Tuesday, July 23rd. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Piper Sandler cut shares of Cadence Bank from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $33.00 to $34.00 in a research note on Wednesday, July 24th. Finally, Hovde Group boosted their target price on shares of Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.29.

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.