Strs Ohio Has $588,000 Stock Holdings in Cadence Bank (NYSE:CADE)

Strs Ohio boosted its position in shares of Cadence Bank (NYSE:CADE) by 26.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 19,900 shares of the company’s stock after buying an additional 4,200 shares during the quarter. Strs Ohio’s holdings in Cadence Bank were worth $588,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Cadence Bank by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 19,172,865 shares of the company’s stock valued at $406,848,000 after purchasing an additional 69,805 shares during the period. Wellington Management Group LLP lifted its stake in shares of Cadence Bank by 15.7% in the 3rd quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock valued at $166,110,000 after purchasing an additional 1,063,055 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Cadence Bank by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,939,796 shares of the company’s stock valued at $41,162,000 after purchasing an additional 18,922 shares during the period. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Cadence Bank by 81.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock valued at $45,344,000 after purchasing an additional 687,025 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of Cadence Bank by 35.7% in the 3rd quarter. American Century Companies Inc. now owns 1,258,097 shares of the company’s stock valued at $26,697,000 after purchasing an additional 331,097 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analyst Ratings Changes

CADE has been the topic of several research analyst reports. Barclays raised their price objective on Cadence Bank from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Morgan Stanley raised their price objective on Cadence Bank from $24.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Truist Financial raised their price objective on Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Raymond James dropped their price objective on Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 31st. Finally, Hovde Group raised Cadence Bank from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $32.50 to $33.00 in a research note on Wednesday. Five equities research 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.09.

Cadence Bank Price Performance

Shares of NYSE CADE opened at $29.01 on Friday. The stock has a market capitalization of $5.30 billion, a price-to-earnings ratio of 9.27 and a beta of 1.02. The business has a 50-day moving average of $27.74 and a 200-day moving average of $26.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85. Cadence Bank has a fifty-two week low of $16.95 and a fifty-two week high of $31.45.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Friday, April 26th. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08. The company had revenue of $437.69 million during the quarter, compared to analysts’ expectations of $427.18 million. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. Cadence Bank’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.68 EPS. As a group, sell-side analysts predict that Cadence Bank will post 2.39 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend is Friday, June 14th. Cadence Bank’s payout ratio is 31.95%.

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.