California Public Employees Retirement System Lowers Holdings in Cadence Bank (NYSE:CADE)

California Public Employees Retirement System trimmed its stake in shares of Cadence Bank (NYSE:CADE - Free Report) by 4.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 293,845 shares of the company's stock after selling 13,486 shares during the period. California Public Employees Retirement System owned 0.16% of Cadence Bank worth $10,123,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Schroder Investment Management Group purchased a new position in Cadence Bank during the 4th quarter valued at approximately $249,000. Premier Fund Managers Ltd purchased a new position in shares of Cadence Bank in the fourth quarter valued at $504,000. Pictet Asset Management Holding SA grew its holdings in shares of Cadence Bank by 7.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 28,439 shares of the company's stock valued at $980,000 after purchasing an additional 2,073 shares in the last quarter. Norges Bank bought a new stake in Cadence Bank in the fourth quarter worth $71,915,000. Finally, JPMorgan Chase & Co. raised its stake in Cadence Bank by 46.2% during the fourth quarter. JPMorgan Chase & Co. now owns 604,097 shares of the company's stock valued at $20,811,000 after purchasing an additional 190,981 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Stock Performance

Cadence Bank stock traded up $0.24 during mid-day trading on Friday, hitting $27.21. The company's stock had a trading volume of 1,531,704 shares, compared to its average volume of 1,262,757. The company has a 50 day moving average of $31.19 and a 200-day moving average of $33.70. Cadence Bank has a one year low of $25.22 and a one year high of $40.20. The stock has a market cap of $4.96 billion, a PE ratio of 9.82 and a beta of 0.87.

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Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same period in the previous year, the firm earned $0.40 EPS. On average, equities research analysts forecast that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Cadence Bank's previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.04%. Cadence Bank's dividend payout ratio (DPR) is 39.71%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Morgan Stanley dropped their price objective on shares of Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Stephens reiterated an "overweight" rating and issued a $42.00 price target on shares of Cadence Bank in a research report on Thursday, January 23rd. Royal Bank of Canada restated a "sector perform" rating and set a $38.00 price objective on shares of Cadence Bank in a research report on Friday, January 24th. Hovde Group dropped their target price on Cadence Bank from $40.00 to $35.00 and set a "market perform" rating for the company in a report on Wednesday, April 2nd. Finally, Barclays decreased their price target on Cadence Bank from $44.00 to $38.00 and set an "overweight" rating on the stock in a report on Tuesday. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $38.09.

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.