Public Employees Retirement System of Ohio Trims Stake in Cadence Bank (NYSE:CADE)

Public Employees Retirement System of Ohio reduced its stake in Cadence Bank (NYSE:CADE) by 12.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,592 shares of the company’s stock after selling 933 shares during the period. Public Employees Retirement System of Ohio’s holdings in Cadence Bank were worth $227,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CADE. Norges Bank purchased a new position in Cadence Bank during the fourth quarter valued at $71,915,000. Millennium Management LLC grew its position in Cadence Bank by 846.1% during the 4th quarter. Millennium Management LLC now owns 1,052,906 shares of the company’s stock valued at $36,273,000 after purchasing an additional 941,613 shares during the last quarter. Boston Partners purchased a new position in Cadence Bank in the fourth quarter worth about $24,834,000. First Trust Advisors LP raised its holdings in Cadence Bank by 21.2% in the fourth quarter. First Trust Advisors LP now owns 2,634,335 shares of the company’s stock worth $90,753,000 after buying an additional 460,486 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Cadence Bank in the fourth quarter worth approximately $13,225,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the company. Wall Street Zen downgraded Cadence Bank from a “hold” rating to a “sell” rating in a research note on Friday, May 30th. Morgan Stanley lowered their price target on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Keefe, Bruyette & Woods upped their target price on shares of Cadence Bank from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, May 9th. Stephens restated an “overweight” rating and issued a $40.00 target price on shares of Cadence Bank in a report on Tuesday, April 22nd. Finally, Barclays decreased their target price on shares of Cadence Bank from $44.00 to $38.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Cadence Bank currently has an average rating of “Moderate Buy” and a consensus target price of $36.82.

Cadence Bank Price Performance

CADE stock opened at $30.09 on Friday. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20. The business has a 50 day simple moving average of $29.51 and a two-hundred day simple moving average of $32.67. The company has a market capitalization of $5.48 billion, a price-to-earnings ratio of 10.86 and a beta of 0.84.

Cadence Bank (NYSE:CADE) last issued its earnings results on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.07. The firm had revenue of $448.55 million during the quarter, compared to analyst estimates of $451.61 million. 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 business earned $0.62 earnings per share. Sell-side analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank declared that its Board of Directors has approved a share repurchase plan on Friday, April 25th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.66%. Cadence Bank’s payout ratio is 38.60%.

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.