Florida Retirement Plans Board of Supervisors Reduces Stake in Cadence Bank (NYSE:CADE)

Retirement


The Florida Board of Retirement Plans Administration reduced its stake in Cadence Bank (NYSE:CADE – Rated) by 13.5% in the fourth quarter, according to the latest Form 13F filed with the Securities and Exchange Commission. The institutional investor held 68,892 shares in the company after selling 10,760 shares during the period. The Florida Board of Retirement Plans Control held a 0.06% stake in Cadence Bank, valued at $1,699,000, at the end of the most recent reporting period.

Several other large investors have also recently changed their stakes in CADE. Dimensional Fund Advisors LP increased his stake in Cadence Bank shares by 5.9% in the third quarter. Dimensional Fund Advisors LP said he purchased an additional 382,527 shares in the last quarter and now owns 6,838,376 shares, worth $173,765,000. Mesirow Institutional Investment Management Inc. purchased new positions in Cadence Bank during the third quarter for a value of approximately $8.95 million. Price T Rowe Associates Inc. MD increased his stake in Cadence Bank by 12.8% during the second quarter. Price T Rowe Associates Inc. MD said he now owns 2,913,360 shares of the company worth $6,8406,000 after he acquired an additional 330,303 shares last quarter. Thrivet Financial for Lutherans increased its stake in Cadence Bank by 661.5% during the third quarter. Thrivet Financial for Lutherans now owns 366,591 shares in the company, valued at $9,315,000, after acquiring an additional 318,452 shares in the previous quarter. Finally, Millennium Management LLC increased its stake in Cadence Bank by 46.0% during the second quarter. Millennium Management LLC now owns 947,419 shares valued at $22,245,000 after acquiring an additional 298,297 shares in the previous quarter.

Cadence Bank shares up 0.3%

CADE opened at $17.88 on Monday. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt to equity ratio of 0.11. Cadence Bank hit a one-year low of $16.95 and a one-year high of $29.41. The company has a market capitalization of $1.94 billion, a P/E of 7.91 and a beta of 0.96. Its 50-day simple moving average is $20.78 and its 200-day simple moving average is $24.47.

Cadence Bank (NYSE:CADE – rated) last reported earnings on Tuesday, April 25th. The company reported earnings per share of $0.68 for the quarter, beating consensus expectations of $0.66 by $0.02. The company’s revenue for the quarter was $600.2 million, compared with analysts’ expectations of $456.09 million. Cadence Bank’s net profit margin was 19.37% and return on equity was 13.24%. The company posted earnings of $0.65 per share in the same period last year. As a group, equity analysts expect Cadence Bank to post an EPS of 2.7 this year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend payable on Monday, July 3rd. Shareholders of record on Thursday, June 15 will receive a dividend of $0.235. This equates to a dividend of $0.94 for him on an annualized basis and a dividend yield of 5.26% for him. The ex-dividend date is Wednesday, June 14. Cadence Bank’s payout ratio is currently 41.59%.

Analyst upgrades and downgrades

CADE has been the subject of several analyst reports recently. TheStreet downgraded Cadence Bank shares from ‘b-‘ to ‘c+’ in a research note on Tuesday, May 2. Raymond James lowered his price target on Cadence Bank shares to $26.00 from $30.00 and set the company’s rating to “strong buy” in a research report on Thursday, April 6. DA Davidson lowered its price target on Cadence Bank shares to $25.00 from $29.50 in a research report on Tuesday, March 21, setting a Buy rating for the company. Keefe, Bruyette & Woods cut its price target on Cadence Bank stock to $28.00 from $32.00 in its research report on Thursday, April 6, setting the company’s rating to “outperform.” Finally, Stevens raised his price target on Cadence Bank stock to $32.00 from $30.00, giving the company an “overweight” rating in a research report on Wednesday, Feb. 1. One equity research analyst gave the company a sell rating, two gave a hold rating, four gave a buy rating, and one gave a strong buy rating. According to MarketBeat, Cadence Bank currently has a Consensus Rating of “Moderate Buy” and an Average Price Target of $26.90.

Cadence Bank Profile

(get rating)

Cadence Bank provides banking and financial solutions to consumers, businesses and businesses. Its services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, financial management, lending, asset-based lending, commercial real estate, equipment financing, correspondents. Banking, SBA Lending, Foreign Exchange, Wealth Management, Investment and Trust Services, Financial Planning, Retirement Plan Management, and Personal and Business Insurance.

Featured Stories

Want to know if other hedge funds hold CADE? Visit HoldingsChannel.com to get the latest Cadence Bank (NYSE:CADE – rated) 13F filings and insider trading.

Cadence Bank Quarterly Institutional Ownership (NYSE:CADE)

This instant news alert was generated by MarketBeat’s narrative science technology and financial data to provide our readers with the fastest and most accurate reporting. This article was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments regarding this story to contact@marketbeat.com.

Listen to this before considering Cadence Bank.

MarketBeat tracks Wall Street’s highest-rated, highest-performing research analysts and the stocks they recommend to clients every day. MarketBeat identified five stocks that top analysts are secretly whispering to customers to buy now before the entire market goes viral, but Cadence Bank was not included in the list.

Cadence Bank currently has a “moderate buy” rating among analysts, but analysts with high ratings think these five stocks are better buys.

Click here for 5 brands

A Beginner's Guide to Retirement Stock Covers



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *