DekaBank Deutsche Girozentrale purchased a new position in shares of Cadence Bancorp (NYSE:CADE) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,229 shares of the company’s stock, valued at approximately $169,000.
Other institutional investors also recently made changes to their positions in the company. Global Retirement Partners LLC increased its position in shares of Cadence Bancorp by 36.7% during the first quarter. Global Retirement Partners LLC now owns 1,882 shares of the company’s stock valued at $35,000 after acquiring an additional 505 shares during the last quarter. Toronto Dominion Bank bought a new position in Cadence Bancorp during the first quarter valued at $75,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Cadence Bancorp by 40.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,134 shares of the company’s stock valued at $132,000 after purchasing an additional 2,059 shares during the period. Advisory Services Network LLC increased its position in Cadence Bancorp by 19,105.7% in the first quarter. Advisory Services Network LLC now owns 10,179 shares of the company’s stock worth $189,000 after buying an additional 10,126 shares during the last quarter. Finally, Kendall Capital Management purchased a new stake in Cadence Bancorp in the first quarter worth $218,000. Institutional investors and hedge funds own 92.60% of the company’s stock.
CADE opened at $17.28 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.15. The business’s fifty day simple moving average is $15.77 and its 200 day simple moving average is $19.06. Cadence Bancorp has a 52 week low of $14.66 and a 52 week high of $27.92. The stock has a market cap of $2.19 billion, a PE ratio of 8.30 and a beta of 1.80.
Cadence Bancorp (NYSE:CADE) last posted its quarterly earnings data on Monday, July 22nd. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.18). The firm had revenue of $192.51 million during the quarter, compared to analysts’ expectations of $197.27 million. Cadence Bancorp had a return on equity of 11.46% and a net margin of 22.62%. Cadence Bancorp’s revenue for the quarter was up 60.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. As a group, equities analysts anticipate that Cadence Bancorp will post 1.97 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be paid a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 4.05%. The ex-dividend date is Thursday, August 29th. Cadence Bancorp’s dividend payout ratio is currently 33.82%.
In other Cadence Bancorp news, Director J Richard Fredericks purchased 3,105 shares of the stock in a transaction on Wednesday, July 24th. The stock was acquired at an average cost of $16.10 per share, with a total value of $49,990.50. Following the completion of the purchase, the director now directly owns 19,764 shares of the company’s stock, valued at approximately $318,200.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Samuel M. Tortorici purchased 15,000 shares of the business’s stock in a transaction on Friday, July 26th. The shares were acquired at an average price of $16.72 per share, with a total value of $250,800.00. Following the completion of the transaction, the insider now owns 144,286 shares of the company’s stock, valued at $2,412,461.92. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 99,271 shares of company stock valued at $1,567,231. 3.34% of the stock is owned by insiders.
CADE has been the topic of a number of recent research reports. Keefe, Bruyette & Woods cut Cadence Bancorp from an “outperform” rating to a “market perform” rating and set a $18.00 price target on the stock. in a research report on Tuesday, July 23rd. Zacks Investment Research downgraded Cadence Bancorp from a “hold” rating to a “strong sell” rating in a research report on Monday, August 5th. Stephens reissued a “hold” rating and set a $18.00 price objective on shares of Cadence Bancorp in a research note on Friday, July 26th. Raymond James lowered Cadence Bancorp from a “strong-buy” rating to an “outperform” rating and decreased their target price for the stock from $20.00 to $19.00 in a research note on Thursday, August 29th. Finally, SunTrust Banks lowered their price target on Cadence Bancorp from $18.00 to $17.00 and set a “hold” rating on the stock in a report on Tuesday, August 27th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. Cadence Bancorp currently has a consensus rating of “Hold” and an average price target of $21.44.
Cadence Bancorp Company Profile
Cadence Bancorporation, a financial holding company, through its subsidiary, Cadence Bank, National Association, provides commercial banking products and services to middle-market commercial businesses, high net worth individuals, business owners, and retail customers in the United States. The company operates through Banking and Financial Services segments.
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