Connable Office Inc. acquired a new position in shares of Cadence Bancorp (NYSE:CADE) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 13,361 shares of the company’s stock, valued at approximately $248,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Global Retirement Partners LLC increased its holdings 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 worth $35,000 after buying an additional 505 shares in the last quarter. Truewealth LLC acquired a new stake in shares of Cadence Bancorp during the first quarter worth approximately $35,000. Caz Investments LP acquired a new stake in shares of Cadence Bancorp during the fourth quarter worth approximately $34,000. Bank of Montreal Can increased its holdings in shares of Cadence Bancorp by 205.4% during the fourth quarter. Bank of Montreal Can now owns 2,559 shares of the company’s stock worth $43,000 after buying an additional 1,721 shares in the last quarter. Finally, Toronto Dominion Bank acquired a new stake in shares of Cadence Bancorp during the first quarter worth approximately $75,000.
In other Cadence Bancorp news, insider David F. Black sold 22,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $21.30, for a total value of $479,250.00. Following the transaction, the insider now directly owns 29,685 shares of the company’s stock, valued at $632,290.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Samuel M. Tortorici acquired 50,000 shares of Cadence Bancorp stock in a transaction on Friday, March 15th. The stock was acquired at an average cost of $19.90 per share, for a total transaction of $995,000.00. Following the completion of the purchase, the chief operating officer now owns 489,988 shares of the company’s stock, valued at approximately $9,750,761.20. The disclosure for this purchase can be found here. In the last three months, insiders purchased 55,044 shares of company stock valued at $1,096,177 and sold 81,224 shares valued at $1,817,309. Company insiders own 3.34% of the company’s stock.
Several analysts have recently weighed in on CADE shares. Stephens reaffirmed a “buy” rating and set a $25.00 price objective on shares of Cadence Bancorp in a report on Tuesday, January 29th. Goldman Sachs Group started coverage on shares of Cadence Bancorp in a report on Tuesday, March 5th. They issued a “buy” rating and a $23.00 price target for the company. Raymond James raised their price target on shares of Cadence Bancorp from $24.00 to $25.00 and gave the company a “strong-buy” rating in a report on Tuesday, March 5th. Zacks Investment Research raised shares of Cadence Bancorp from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a report on Wednesday, March 13th. Finally, TheStreet raised shares of Cadence Bancorp from a “d+” rating to a “c-” rating in a report on Monday, April 15th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $25.44.
Shares of Cadence Bancorp stock opened at $20.80 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $2.68 billion, a P/E ratio of 9.37 and a beta of 1.64. Cadence Bancorp has a fifty-two week low of $16.13 and a fifty-two week high of $31.44.
Cadence Bancorp (NYSE:CADE) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.08. The business had revenue of $200.00 million during the quarter, compared to analyst estimates of $185.47 million. Cadence Bancorp had a net margin of 25.71% and a return on equity of 13.06%. Cadence Bancorp’s revenue for the quarter was up 72.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 earnings per share. Equities analysts predict that Cadence Bancorp will post 2.28 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date is Thursday, May 30th. Cadence Bancorp’s dividend payout ratio is currently 33.82%.
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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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