State of Alaska Department of Revenue Sells 300 Shares of Cadence Bank (NYSE:CADE)

State of Alaska Department of Revenue reduced its position in shares of Cadence Bank (NYSE:CADE) by 1.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 20,860 shares of the company’s stock after selling 300 shares during the period. State of Alaska Department of Revenue’s holdings in Cadence Bank were worth $718,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brooklyn Investment Group bought a new position in shares of Cadence Bank in the fourth quarter valued at approximately $26,000. V Square Quantitative Management LLC bought a new position in Cadence Bank in the 3rd quarter valued at $25,000. Mather Group LLC. grew its holdings in shares of Cadence Bank by 716.2% during the fourth quarter. Mather Group LLC. now owns 808 shares of the company’s stock worth $28,000 after purchasing an additional 709 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Cadence Bank in the third quarter valued at about $32,000. Finally, GAMMA Investing LLC lifted its position in Cadence Bank by 19.3% during the 4th quarter. GAMMA Investing LLC now owns 1,862 shares of the company’s stock worth $64,000 after buying an additional 301 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Stock Performance

Shares of CADE opened at $34.50 on Friday. The firm’s 50 day moving average price is $35.12 and its two-hundred day moving average price is $33.89. The firm has a market cap of $6.29 billion, a P/E ratio of 12.45 and a beta of 0.99. Cadence Bank has a twelve month low of $26.16 and a twelve month high of $40.20.

Cadence Bank (NYSE:CADE) last announced its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period last year, the firm posted $0.40 EPS. On average, sell-side analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.275 dividend. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 3.19%. The ex-dividend date is Friday, March 14th. Cadence Bank’s payout ratio is presently 36.10%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CADE shares. Citigroup raised their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $41.00 to $44.00 in a research report on Thursday, December 19th. Truist Financial upped their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. DA Davidson upped their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $38.00 price target on shares of Cadence Bank in a research report on Friday, January 24th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Cadence Bank has a consensus rating of “Moderate Buy” and a consensus target price of $38.50.

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.