State of Michigan Retirement System increased its stake in Cadence Bank (NYSE:CADE – Free Report) by 2.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 44,810 shares of the company’s stock after acquiring an additional 1,000 shares during the period. State of Michigan Retirement System’s holdings in Cadence Bank were worth $1,299,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Wolverine Asset Management LLC increased its holdings in shares of Cadence Bank by 952.0% in the fourth quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock valued at $31,000 after purchasing an additional 952 shares in the last quarter. Rise Advisors LLC acquired a new position in shares of Cadence Bank in the first quarter valued at $34,000. Moody Lynn & Lieberson LLC acquired a new position in shares of Cadence Bank in the fourth quarter valued at $205,000. Teton Advisors Inc. acquired a new position in shares of Cadence Bank in the fourth quarter valued at $213,000. Finally, Precedent Wealth Partners LLC acquired a new position in shares of Cadence Bank in the fourth quarter valued at $223,000. Hedge funds and other institutional investors own 84.61% of the company’s shares.
Price development of Cadence Bank
Shares of NYSE:CADE opened at $27.87 on Friday. The company has a 50-day moving average of $28.30 and a 200-day moving average of $28.12. Cadence Bank has a one year low of $19.00 and a one year high of $31.45. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market cap of $5.08 billion, a price-to-earnings ratio of 8.90 and a beta of 0.98.
Cadence Bank (NYSE:CADE – Get Free Report) last announced its earnings results on Friday, April 26. 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 analysts’ expectations of $427.18 million. During the same period last year, the company generated earnings per share of $0.68. The company’s revenue grew 12.6% compared to the same quarter last year. On average, analysts forecast that Cadence Bank will report earnings per share of $2.48 for the current year.
Cadence Bank dividend announcement
The company also recently declared a quarterly dividend, which was paid on Monday, July 1. Shareholders of record on Friday, June 14th were paid a dividend of $0.25. The ex-dividend date was Friday, June 14th. This represents a dividend of $1.00 on an annualized basis and a dividend yield of 3.59%. Cadence Bank’s payout ratio is 31.95%.
Upgrades and downgrades by analysts
CADE has been the subject of a number of analyst reports. Barclays raised their price target on shares of Cadence Bank from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Monday, June 24th. Truist Financial raised their price target on shares of Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Keefe, Bruyette & Woods raised their price target on shares of Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Hovde Group upgraded shares of Cadence Bank from “market perform” to “outperform” and increased their price target on the stock from $32.50 to $33.00 in a research note on Wednesday, April 24. Finally, Jefferies Financial Group lowered their price target on shares of Cadence Bank from $31.00 to $29.00 and gave the company a “hold” rating in a research note on Wednesday. Five research analysts have rated the stock with a “hold,” six have given a “buy” rating and one has given a “strong buy” rating. According to data from MarketBeat.com, Cadence Bank has a consensus rating of “moderate buy” and an average price target of $31.18.
Check out our latest report on CADE
Cadence Bank Company Profile
(Free report)
Cadence Bank provides commercial banking and financial services. Its products and services include retail banking, consumer lending, mortgages, home equity loans and advances, credit cards, commercial and corporate banking, treasury management, specialty and asset-based lending, commercial real estate, equipment financing, and correspondent banking services.
Further information
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