State of Alaska Department of Revenue Has $652,000 Position in Cadence Bank (NYSE:CADE)

State of Alaska Department of Revenue lifted its holdings in shares of Cadence Bank (NYSE:CADE) by 3.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,500 shares of the company’s stock after purchasing an additional 640 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cadence Bank were worth $652,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of CADE. Smartleaf Asset Management LLC raised its position in shares of Cadence Bank by 163.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock worth $40,000 after purchasing an additional 722 shares during the period. Abound Wealth Management raised its position in shares of Cadence Bank by 223.3% during the first quarter. Abound Wealth Management now owns 1,665 shares of the company’s stock worth $51,000 after purchasing an additional 1,150 shares during the period. UMB Bank n.a. raised its position in shares of Cadence Bank by 169.6% during the first quarter. UMB Bank n.a. now owns 1,774 shares of the company’s stock worth $54,000 after purchasing an additional 1,116 shares during the period. Parkside Financial Bank & Trust raised its position in shares of Cadence Bank by 504.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company’s stock worth $59,000 after purchasing an additional 1,434 shares during the period. Finally, Jones Financial Companies Lllp raised its position in shares of Cadence Bank by 1,601.0% during the fourth quarter. Jones Financial Companies Lllp now owns 1,718 shares of the company’s stock worth $59,000 after purchasing an additional 1,617 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on CADE. Keefe, Bruyette & Woods raised their price target on Cadence Bank from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Friday, May 9th. Hovde Group lifted their target price on Cadence Bank from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Morgan Stanley dropped their target price on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Stephens reissued an “overweight” rating and issued a $40.00 target price on shares of Cadence Bank in a research report on Tuesday, April 22nd. Finally, Barclays dropped their target price on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $36.82.

Cadence Bank Stock Up 0.8%

NYSE:CADE opened at $32.24 on Friday. The firm has a market capitalization of $5.87 billion, a price-to-earnings ratio of 11.31 and a beta of 0.84. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20. The stock’s 50 day moving average price is $30.50 and its two-hundred day moving average price is $31.86. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.10.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.07. The firm had revenue of $448.55 million for the quarter, compared to analyst estimates of $451.61 million. Cadence Bank had a return on equity of 9.95% and a net margin of 18.83%. During the same quarter in the previous year, the firm earned $0.62 EPS. Equities research analysts expect that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank’s dividend payout ratio (DPR) is 38.60%.

Cadence Bank declared that its board has authorized a stock buyback program on Friday, April 25th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.