State of New Jersey Common Pension Fund D Sells 8,064 Shares of Cadence Bank (NYSE:CADE)

State of New Jersey Common Pension Fund D cut its stake in Cadence Bank (NYSE:CADE) by 7.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 102,143 shares of the company’s stock after selling 8,064 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.06% of Cadence Bank worth $3,022,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of CADE. SG Americas Securities LLC increased its position in Cadence Bank by 109.1% during the third quarter. SG Americas Securities LLC now owns 82,899 shares of the company’s stock worth $1,759,000 after acquiring an additional 43,252 shares during the period. Sheets Smith Wealth Management increased its position in Cadence Bank by 3.8% during the third quarter. Sheets Smith Wealth Management now owns 16,256 shares of the company’s stock worth $345,000 after acquiring an additional 589 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Cadence Bank by 19.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,966 shares of the company’s stock worth $806,000 after acquiring an additional 6,259 shares during the period. Strs Ohio increased its position in Cadence Bank by 12.1% during the third quarter. Strs Ohio now owns 15,700 shares of the company’s stock worth $333,000 after acquiring an additional 1,700 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in Cadence Bank by 8.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock worth $142,000 after acquiring an additional 524 shares during the period. 84.61% of the stock is owned by institutional investors.

Cadence Bank Trading Down 0.1 %

CADE opened at $29.02 on Friday. The company’s 50 day moving average is $27.74 and its 200-day moving average is $26.64. Cadence Bank has a 1-year low of $16.95 and a 1-year high of $31.45. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09. The company has a market cap of $5.30 billion, a P/E ratio of 9.27 and a beta of 1.02.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Friday, April 26th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The company 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 company posted $0.68 EPS. The firm’s quarterly revenue was up 12.6% compared to the same quarter last year. Equities research analysts predict that Cadence Bank will post 2.43 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a $0.25 dividend. 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 payout ratio is currently 31.95%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Jefferies Financial Group lowered their price target on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. Morgan Stanley raised their target price on shares of Cadence Bank from $24.00 to $27.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Hovde Group raised shares of Cadence Bank from a “market perform” rating to an “outperform” rating and raised their target price for the company from $32.50 to $33.00 in a report on Wednesday. Raymond James decreased their target price on shares of Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 31st. Finally, DA Davidson reissued a “buy” rating on shares of Cadence Bank in a report on Monday, January 15th. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cadence Bank presently has a consensus rating of “Moderate Buy” and an average target price 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.