Texas Permanent School Fund Corp Sells 5,738 Shares of Cadence Bank (NYSE:CADE)

Texas Permanent School Fund Corp reduced its position in Cadence Bank (NYSE:CADE) by 3.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 154,128 shares of the company’s stock after selling 5,738 shares during the quarter. Texas Permanent School Fund Corp owned approximately 0.08% of Cadence Bank worth $4,359,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. GAMMA Investing LLC lifted its stake in Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after purchasing an additional 436 shares during the period. Rise Advisors LLC acquired a new stake in Cadence Bank in the 1st quarter valued at $34,000. Innealta Capital LLC bought a new stake in shares of Cadence Bank in the 2nd quarter worth about $138,000. Argent Advisors Inc. bought a new stake in Cadence Bank during the first quarter worth about $204,000. Finally, Lavaca Capital LLC acquired a new stake in shares of Cadence Bank during the first quarter worth approximately $207,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on CADE. Stephens reissued an “overweight” rating and issued a $35.00 price objective on shares of Cadence Bank in a research note on Tuesday, July 23rd. Jefferies Financial Group dropped their target price on shares of Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a research note on Wednesday, July 3rd. Morgan Stanley increased their price target on shares of Cadence Bank from $30.00 to $36.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Barclays boosted their price objective on shares of Cadence Bank from $30.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. Finally, Truist Financial increased their price objective on Cadence Bank from $31.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Six analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $34.54.

Cadence Bank Trading Up 3.1 %

NYSE CADE opened at $31.70 on Friday. Cadence Bank has a 12 month low of $19.67 and a 12 month high of $34.13. The stock has a 50-day simple moving average of $31.04 and a 200 day simple moving average of $29.09. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $5.78 billion, a PE ratio of 10.13 and a beta of 0.97.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, July 22nd. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. The company had revenue of $742.87 million during the quarter, compared to analysts’ expectations of $439.63 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. During the same period in the prior year, the business posted $0.64 EPS. Research analysts forecast that Cadence Bank will post 2.56 EPS for the current year.

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend is Friday, September 13th. Cadence Bank’s dividend payout ratio (DPR) is 31.95%.

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.