King Luther Capital Management Corp grew its stake in shares of Cadence Bancorp (NYSE:CADE) by 9.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 176,415 shares of the company’s stock after purchasing an additional 15,090 shares during the quarter. King Luther Capital Management Corp owned approximately 0.21% of Cadence Bancorp worth $4,608,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in CADE. Royal Bank of Canada raised its position in Cadence Bancorp by 609.9% during the 1st quarter. Royal Bank of Canada now owns 6,389 shares of the company’s stock worth $174,000 after purchasing an additional 5,489 shares during the last quarter. Wells Fargo & Company MN raised its position in Cadence Bancorp by 55.2% during the 2nd quarter. Wells Fargo & Company MN now owns 253,420 shares of the company’s stock worth $7,315,000 after purchasing an additional 90,100 shares during the last quarter. Boston Partners raised its position in Cadence Bancorp by 47.6% during the 2nd quarter. Boston Partners now owns 1,160,959 shares of the company’s stock worth $33,517,000 after purchasing an additional 374,520 shares during the last quarter. Signition LP bought a new position in Cadence Bancorp during the 2nd quarter worth $260,000. Finally, Rhumbline Advisers raised its position in Cadence Bancorp by 64.0% during the 2nd quarter. Rhumbline Advisers now owns 46,288 shares of the company’s stock worth $1,336,000 after purchasing an additional 18,062 shares during the last quarter.
In other news, President Samuel M. Tortorici sold 100,943 shares of Cadence Bancorp stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $27.41, for a total value of $2,766,847.63. Following the completion of the transaction, the president now directly owns 18,659 shares of the company’s stock, valued at approximately $511,443.19. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jerry W. Powell acquired 4,000 shares of the stock in a transaction dated Wednesday, October 24th. The stock was acquired at an average cost of $20.49 per share, with a total value of $81,960.00. The disclosure for this purchase can be found here. Over the last three months, insiders sold 401,103 shares of company stock valued at $10,994,233. Corporate insiders own 0.09% of the company’s stock.
CADE stock opened at $19.65 on Friday. Cadence Bancorp has a 1-year low of $18.83 and a 1-year high of $31.44. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $1.64 billion, a PE ratio of 13.28 and a beta of 1.14.
Cadence Bancorp (NYSE:CADE) last posted its quarterly earnings data on Monday, October 22nd. The company reported $0.56 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.05. Cadence Bancorp had a return on equity of 12.30% and a net margin of 25.78%. The firm had revenue of $122.08 million during the quarter, compared to analyst estimates of $120.97 million. Analysts expect that Cadence Bancorp will post 2.1 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.05%. The ex-dividend date is Friday, November 30th. Cadence Bancorp’s dividend payout ratio (DPR) is presently 40.54%.
CADE has been the subject of several analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $28.00 target price on shares of Cadence Bancorp in a research report on Tuesday, October 23rd. Keefe, Bruyette & Woods raised Cadence Bancorp from a “market perform” rating to an “outperform” rating and set a $32.00 target price for the company in a research report on Thursday, November 8th. Zacks Investment Research lowered Cadence Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. Morgan Stanley initiated coverage on Cadence Bancorp in a research report on Tuesday, September 25th. They set an “equal weight” rating and a $30.00 target price for the company. Finally, ValuEngine lowered Cadence Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, November 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Cadence Bancorp currently has a consensus rating of “Buy” and a consensus price target of $30.38.
Cadence Bancorp Company Profile
Cadence Bancorporation operates as the bank holding company for Cadence Bank, N.A. that provides commercial banking products and services to 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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