Teachers Retirement System of The State of Kentucky Increases Stock Position in Cadence Bank (NYSE:CADE)

Teachers Retirement System of The State of Kentucky increased its position in shares of Cadence Bank (NYSE:CADE) by 4.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 166,269 shares of the company’s stock after buying an additional 6,992 shares during the period. Teachers Retirement System of The State of Kentucky owned about 0.09% of Cadence Bank worth $5,296,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Cerity Partners LLC grew its stake in shares of Cadence Bank by 31.2% during the third quarter. Cerity Partners LLC now owns 64,377 shares of the company’s stock valued at $2,050,000 after acquiring an additional 15,312 shares in the last quarter. Blue Trust Inc. increased its holdings in Cadence Bank by 456.6% during the 2nd quarter. Blue Trust Inc. now owns 21,667 shares of the company’s stock worth $628,000 after purchasing an additional 17,774 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in Cadence Bank by 16.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after purchasing an additional 291,885 shares during the last quarter. Natixis Advisors LLC raised 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 valued at $11,860,000 after purchasing an additional 30,945 shares in the last quarter. Finally, Segall Bryant & Hamill LLC boosted its stake in shares of Cadence Bank by 21.7% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock valued at $42,396,000 after buying an additional 237,748 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Stock Performance

CADE stock opened at $36.69 on Friday. The stock’s fifty day moving average is $35.59 and its two-hundred day moving average is $32.02. The stock has a market capitalization of $6.68 billion, a price-to-earnings ratio of 10.54 and a beta of 0.98. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 1 year low of $24.99 and a 1 year high of $40.20.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, beating 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 firm had revenue of $447.36 million for the quarter, compared to the consensus estimate of $450.97 million. During the same period last year, the firm posted $0.56 EPS. Cadence Bank’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, research analysts predict that Cadence Bank will post 2.71 EPS for the current year.

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio is currently 28.74%.

Analyst Ratings Changes

Several research firms recently issued reports on CADE. DA Davidson upped their price target on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Royal Bank of Canada upped their target price on shares of Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Barclays upped their price objective on Cadence Bank from $37.00 to $41.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Finally, Truist Financial lifted their target price on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.63.

Cadence Bank Company 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.