Mutual of America Capital Management LLC Reduces Stock Position in Cadence Bank (NYSE:CADE)

Mutual of America Capital Management LLC trimmed its position in Cadence Bank (NYSE:CADE) by 3.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 104,594 shares of the company’s stock after selling 4,245 shares during the period. Mutual of America Capital Management LLC owned about 0.06% of Cadence Bank worth $2,958,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CADE. GAMMA Investing LLC lifted its stake in shares of Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after buying an additional 436 shares during the period. AlphaMark Advisors LLC boosted its holdings in shares of Cadence Bank by 5.6% during the second quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock worth $307,000 after purchasing an additional 579 shares during the last quarter. Retirement Systems of Alabama grew its position in shares of Cadence Bank by 0.3% in the first quarter. Retirement Systems of Alabama now owns 229,380 shares of the company’s stock valued at $6,652,000 after purchasing an additional 602 shares during the period. Russell Investments Group Ltd. increased its stake in Cadence Bank by 0.3% in the first quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock valued at $6,681,000 after purchasing an additional 689 shares during the last quarter. Finally, Arizona State Retirement System lifted its position in Cadence Bank by 1.9% during the second quarter. Arizona State Retirement System now owns 51,159 shares of the company’s stock worth $1,447,000 after buying an additional 938 shares during the period. 84.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Hovde Group upped their price objective on shares of Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Truist Financial cut their price target on shares of Cadence Bank from $38.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday. Barclays raised their price objective on Cadence Bank from $30.00 to $33.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 24th. Piper Sandler downgraded shares of Cadence Bank from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $33.00 to $34.00 in a research report on Wednesday, July 24th. Finally, Royal Bank of Canada lifted their price target on shares of Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cadence Bank has a consensus rating of “Moderate Buy” and a consensus target price of $34.46.

Cadence Bank Trading Up 0.4 %

Shares of NYSE CADE opened at $32.13 on Tuesday. The stock has a market capitalization of $5.85 billion, a P/E ratio of 10.27 and a beta of 0.97. The stock’s 50 day moving average price is $31.40 and its two-hundred day moving average price is $29.30. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05. Cadence Bank has a 52-week low of $19.67 and a 52-week high of $34.13.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Monday, July 22nd. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The firm had revenue of $742.87 million during the quarter, compared to the consensus estimate of $439.63 million. During the same quarter in the previous year, the company posted $0.64 earnings per share. On average, analysts anticipate that Cadence Bank will post 2.56 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, September 13th. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

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.