State of Wyoming Trims Position in Cadence Bank $CADE

State of Wyoming decreased its position in Cadence Bank (NYSE:CADE) by 86.4% during the third quarter, Holdings Channel reports. The fund owned 3,180 shares of the company’s stock after selling 20,196 shares during the period. State of Wyoming’s holdings in Cadence Bank were worth $119,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. increased its position in shares of Cadence Bank by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 612,541 shares of the company’s stock valued at $22,995,000 after purchasing an additional 21,948 shares during the last quarter. AlphaQuest LLC grew its position in Cadence Bank by 2,197,900.0% during the third quarter. AlphaQuest LLC now owns 21,980 shares of the company’s stock valued at $825,000 after buying an additional 21,979 shares during the period. Arizona State Retirement System increased its holdings in Cadence Bank by 1.4% during the third quarter. Arizona State Retirement System now owns 54,075 shares of the company’s stock valued at $2,030,000 after buying an additional 744 shares during the last quarter. New York State Common Retirement Fund increased its holdings in Cadence Bank by 0.5% during the third quarter. New York State Common Retirement Fund now owns 613,559 shares of the company’s stock valued at $23,033,000 after buying an additional 3,100 shares during the last quarter. Finally, Federated Hermes Inc. raised its position in Cadence Bank by 41.4% in the third quarter. Federated Hermes Inc. now owns 110,808 shares of the company’s stock worth $4,160,000 after acquiring an additional 32,455 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CADE. Weiss Ratings reissued a “hold (c+)” rating on shares of Cadence Bank in a report on Wednesday, January 21st. Piper Sandler set a $40.00 price objective on Cadence Bank and gave the company a “neutral” rating in a research report on Monday, October 27th. Barclays downgraded Cadence Bank from an “overweight” rating to a “hold” rating in a research note on Tuesday, October 28th. Morgan Stanley cut shares of Cadence Bank from an “overweight” rating to a “sell” rating in a research note on Tuesday, October 28th. Finally, Stephens downgraded shares of Cadence Bank from an “overweight” rating to an “equal weight” rating in a report on Tuesday, October 28th. Two analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $42.88.

Cadence Bank Stock Performance

NYSE:CADE opened at $42.14 on Friday. The stock has a 50-day moving average price of $43.36 and a 200 day moving average price of $39.45. The stock has a market capitalization of $7.68 billion, a P/E ratio of 14.94 and a beta of 0.95. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $46.74. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.15.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Thursday, January 22nd. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.06. Cadence Bank had a return on equity of 10.16% and a net margin of 18.12%.The business had revenue of $528.41 million during the quarter, compared to the consensus estimate of $525.15 million. During the same period in the prior year, the company posted $0.70 EPS. Equities research analysts forecast that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Friday, January 30th will be paid a dividend of $0.3438 per share. The ex-dividend date of this dividend is Friday, January 30th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.28. This represents a $1.38 annualized dividend and a yield of 3.3%. Cadence Bank’s dividend payout ratio is 39.01%.

Cadence Bank Company Profile

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.