State of New Jersey Common Pension Fund D Reduces Holdings in Cadence Bank (NYSE:CADE)

State of New Jersey Common Pension Fund D lessened its position in shares of Cadence Bank (NYSE:CADE) by 32.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 69,074 shares of the company’s stock after selling 33,069 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Cadence Bank were worth $1,953,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its position 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 purchasing an additional 436 shares during the period. Rise Advisors LLC purchased a new stake in Cadence Bank in the 1st quarter valued at about $34,000. Innealta Capital LLC acquired a new position in Cadence Bank in the second quarter valued at about $138,000. Argent Advisors Inc. acquired a new position in Cadence Bank in the first quarter valued at about $204,000. Finally, Lavaca Capital LLC purchased a new position in Cadence Bank during the first quarter worth about $207,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CADE has been the topic of a number of research analyst reports. Stephens reissued an “overweight” rating and issued a $35.00 price target on shares of Cadence Bank in a research note on Tuesday, July 23rd. Barclays upped their price target on Cadence Bank from $30.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 24th. DA Davidson raised their price target on Cadence Bank from $34.50 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Jefferies Financial Group cut their price objective on Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a report on Wednesday, July 3rd. Finally, Morgan Stanley raised their target price on Cadence Bank from $30.00 to $36.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Six equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $34.46.

Cadence Bank Price Performance

CADE stock opened at $31.99 on Friday. The business’s 50-day moving average is $31.37 and its two-hundred day moving average is $29.27. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $5.83 billion, a P/E ratio of 10.22 and a beta of 0.97. Cadence Bank has a 1 year low of $19.67 and a 1 year high of $34.13.

Cadence Bank (NYSE:CADE) last issued its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $439.63 million. During the same quarter last year, the company earned $0.64 earnings per share. Analysts anticipate that Cadence Bank will post 2.56 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, September 13th. This represents a $1.00 annualized dividend and a dividend yield of 3.13%. Cadence Bank’s dividend payout ratio (DPR) is currently 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.