Dynamic Technology Lab Private Ltd acquired a new position in Cadence Bancorp (NYSE:CADE) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 30,131 shares of the company’s stock, valued at approximately $559,000.
A number of other institutional investors have also added to or reduced their stakes in CADE. Morgan Stanley raised its holdings in Cadence Bancorp by 35.2% in the 3rd quarter. Morgan Stanley now owns 160,186 shares of the company’s stock valued at $4,183,000 after acquiring an additional 41,684 shares in the last quarter. Bank of Montreal Can raised its holdings in Cadence Bancorp by 205.4% in the 4th quarter. Bank of Montreal Can now owns 2,559 shares of the company’s stock valued at $43,000 after acquiring an additional 1,721 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Cadence Bancorp by 71.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,075 shares of the company’s stock valued at $85,000 after acquiring an additional 2,114 shares in the last quarter. Rhumbline Advisers raised its holdings in Cadence Bancorp by 51.0% in the 4th quarter. Rhumbline Advisers now owns 101,191 shares of the company’s stock valued at $1,698,000 after acquiring an additional 34,184 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Cadence Bancorp by 617.3% during the 4th quarter. SG Americas Securities LLC now owns 52,076 shares of the company’s stock worth $874,000 after buying an additional 44,816 shares in the last quarter. 92.01% of the stock is owned by hedge funds and other institutional investors.
In related news, CFO Valerie Toalson purchased 4,984 shares of Cadence Bancorp stock in a transaction on Monday, March 18th. The shares were purchased at an average price of $20.06 per share, for a total transaction of $99,979.04. Following the transaction, the chief financial officer now owns 63,258 shares of the company’s stock, valued at approximately $1,268,955.48. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David F. Black sold 22,500 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $21.30, for a total value of $479,250.00. Following the completion of the sale, the insider now owns 29,685 shares in the company, valued at approximately $632,290.50. The disclosure for this sale can be found here. In the last quarter, insiders acquired 55,044 shares of company stock worth $1,096,177 and sold 81,224 shares worth $1,817,309. Insiders own 3.34% of the company’s stock.
CADE has been the subject of a number of research analyst reports. Zacks Investment Research cut Cadence Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. Goldman Sachs Group initiated coverage on Cadence Bancorp in a research report on Tuesday, March 5th. They set a “buy” rating and a $23.00 price objective on the stock. TheStreet upgraded Cadence Bancorp from a “d+” rating to a “c-” rating in a research report on Monday, April 15th. Stephens restated a “buy” rating and set a $26.00 price objective on shares of Cadence Bancorp in a research report on Tuesday, April 30th. Finally, Raymond James boosted their price objective on Cadence Bancorp from $24.00 to $25.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $25.44.
NYSE CADE opened at $19.65 on Wednesday. Cadence Bancorp has a 12 month low of $16.13 and a 12 month high of $30.71. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of 9.49 and a beta of 1.76. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.99 and a current ratio of 1.00.
Cadence Bancorp (NYSE:CADE) last released its quarterly earnings results on Monday, April 29th. The company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.08. Cadence Bancorp had a return on equity of 13.06% and a net margin of 25.71%. The firm had revenue of $200.00 million for the quarter, compared to analyst estimates of $185.47 million. During the same quarter in the previous year, the company posted $0.50 EPS. The business’s revenue was up 72.3% on a year-over-year basis. Equities research analysts expect that Cadence Bancorp will post 2.36 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be given a $0.175 dividend. The ex-dividend date is Thursday, May 30th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.56%. Cadence Bancorp’s dividend payout ratio (DPR) is presently 33.82%.
About Cadence Bancorp
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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