State of Alaska Department of Revenue Lowers Stock Holdings in Cadence Bank $CADE

State of Alaska Department of Revenue reduced its position in Cadence Bank (NYSE:CADE) by 2.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 20,920 shares of the company’s stock after selling 580 shares during the period. State of Alaska Department of Revenue’s holdings in Cadence Bank were worth $669,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CADE. Wellington Management Group LLP grew its stake in shares of Cadence Bank by 7.8% during the 1st quarter. Wellington Management Group LLP now owns 13,481,585 shares of the company’s stock valued at $409,301,000 after buying an additional 980,369 shares during the period. AQR Capital Management LLC grew its stake in shares of Cadence Bank by 1,802.4% during the 1st quarter. AQR Capital Management LLC now owns 764,776 shares of the company’s stock valued at $22,790,000 after buying an additional 724,576 shares during the period. Nuveen LLC purchased a new stake in shares of Cadence Bank during the 1st quarter valued at $20,090,000. Bessemer Group Inc. grew its stake in shares of Cadence Bank by 76,386.7% during the 1st quarter. Bessemer Group Inc. now owns 615,718 shares of the company’s stock valued at $18,694,000 after buying an additional 614,913 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in shares of Cadence Bank by 9.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,831,131 shares of the company’s stock valued at $85,953,000 after buying an additional 244,146 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CADE. Keefe, Bruyette & Woods boosted their price objective on shares of Cadence Bank from $40.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, July 28th. Zacks Research cut shares of Cadence Bank from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 8th. Wall Street Zen lowered shares of Cadence Bank from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Hovde Group lifted their target price on shares of Cadence Bank from $34.00 to $40.00 and gave the company a “market perform” rating in a report on Monday, July 28th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Cadence Bank in a report on Saturday, September 27th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Cadence Bank presently has an average rating of “Moderate Buy” and an average target price of $40.90.

Cadence Bank Stock Performance

Shares of CADE stock opened at $39.04 on Wednesday. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $7.11 billion, a P/E ratio of 13.89 and a beta of 0.88. The company’s fifty day moving average price is $36.68 and its two-hundred day moving average price is $33.03.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. The firm had revenue of $476.32 million for the quarter, compared to analyst estimates of $467.60 million. During the same quarter in the previous year, the business posted $0.73 EPS. On average, research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were given a $0.275 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.10 annualized dividend and a dividend yield of 2.8%. Cadence Bank’s payout ratio is presently 39.15%.

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.