State of New Jersey Common Pension Fund D Sells 7,456 Shares of Cadence Bank (NYSE:CADE)

State of New Jersey Common Pension Fund D reduced its position in Cadence Bank (NYSE:CADE) by 10.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,618 shares of the company’s stock after selling 7,456 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Cadence Bank were worth $1,963,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CADE. V Square Quantitative Management LLC acquired a new stake in Cadence Bank in the third quarter valued at approximately $25,000. GAMMA Investing LLC boosted its stake in Cadence Bank by 77.0% in the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after acquiring an additional 436 shares in the last quarter. Innealta Capital LLC acquired a new stake in Cadence Bank in the second quarter valued at approximately $138,000. Americana Partners LLC acquired a new stake in Cadence Bank in the third quarter valued at approximately $201,000. Finally, Davis Investment Partners LLC acquired a new stake in Cadence Bank in the third quarter valued at approximately $202,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Price Performance

Shares of CADE opened at $37.70 on Monday. Cadence Bank has a twelve month low of $24.15 and a twelve month high of $39.79. The firm’s fifty day simple moving average is $33.14 and its 200-day simple moving average is $30.89. The firm has a market capitalization of $6.87 billion, a price-to-earnings ratio of 10.83 and a beta of 0.95. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The business had revenue of $447.36 million for the quarter, compared to analyst estimates of $450.97 million. During the same period last year, the business earned $0.56 EPS. The company’s revenue was up 11.0% on a year-over-year basis. Equities analysts forecast that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 annualized dividend and a yield of 2.65%. Cadence Bank’s dividend payout ratio is currently 28.74%.

Analyst Upgrades and Downgrades

CADE has been the subject of several research analyst reports. Hovde Group upped their price target on shares of Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Barclays increased their price objective on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Truist Financial increased their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Stephens reaffirmed an “overweight” rating and set a $35.00 price objective on shares of Cadence Bank in a research report on Tuesday, July 23rd. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.29.

Cadence Bank Company Profile

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.