Cadence Bank (NYSE:CADE) Shares Purchased by New York State Teachers Retirement System

New York State Teachers Retirement System lifted its position in Cadence Bank (NYSE:CADE - Free Report) by 5.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 236,546 shares of the company's stock after purchasing an additional 13,187 shares during the quarter. New York State Teachers Retirement System owned about 0.13% of Cadence Bank worth $8,149,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. FMR LLC raised its position in Cadence Bank by 1.2% during the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company's stock worth $523,074,000 after buying an additional 195,773 shares during the last quarter. State Street Corp raised its holdings in shares of Cadence Bank by 1.9% during the third quarter. State Street Corp now owns 8,872,085 shares of the company's stock worth $284,759,000 after purchasing an additional 165,282 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Cadence Bank by 0.9% during the third quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company's stock worth $138,974,000 after purchasing an additional 39,679 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Cadence Bank by 4.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,242,486 shares of the company's stock valued at $71,423,000 after buying an additional 105,231 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its stake in shares of Cadence Bank by 7.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 2,234,733 shares of the company's stock valued at $76,986,000 after buying an additional 151,215 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Trading Down 1.0 %

NYSE:CADE traded down $0.34 during trading hours on Thursday, reaching $33.68. 1,347,989 shares of the company were exchanged, compared to its average volume of 1,171,009. Cadence Bank has a twelve month low of $26.16 and a twelve month high of $40.20. The stock's 50-day moving average is $34.90 and its 200-day moving average is $33.96. The firm has a market cap of $6.14 billion, a PE ratio of 12.16 and a beta of 0.99.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate 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 quarter in the prior year, the firm posted $0.40 earnings per share. As a group, research analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.275 dividend. This is an increase from Cadence Bank's previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 3.27%. The ex-dividend date is Friday, March 14th. Cadence Bank's dividend payout ratio is currently 36.10%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Truist Financial lifted their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Stephens reaffirmed an "overweight" rating and set a $42.00 price objective on shares of Cadence Bank in a research note on Thursday, January 23rd. DA Davidson boosted their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Royal Bank of Canada restated a "sector perform" rating and set a $38.00 price target on shares of Cadence Bank in a research report on Friday, January 24th. Finally, Citigroup upped their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a "neutral" rating in a research report on Monday, January 27th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $38.50.

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.