Russell Investments Group Ltd. Buys 1,363,381 Shares of Cadence Bancorp (NYSE:CADE)

Russell Investments Group Ltd. lifted its stake in shares of Cadence Bancorp (NYSE:CADE) by 639.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,576,651 shares of the company’s stock after purchasing an additional 1,363,381 shares during the quarter. Russell Investments Group Ltd. owned 1.22% of Cadence Bancorp worth $27,750,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its holdings in shares of Cadence Bancorp by 2.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,535,773 shares of the company’s stock valued at $93,164,000 after purchasing an additional 90,196 shares during the last quarter. Diamond Hill Capital Management Inc. grew its holdings in shares of Cadence Bancorp by 6.8% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 3,777,476 shares of the company’s stock valued at $66,257,000 after purchasing an additional 239,958 shares during the last quarter. Earnest Partners LLC grew its holdings in shares of Cadence Bancorp by 1.4% during the 2nd quarter. Earnest Partners LLC now owns 3,395,699 shares of the company’s stock valued at $70,631,000 after purchasing an additional 48,385 shares during the last quarter. FMR LLC grew its holdings in shares of Cadence Bancorp by 5.1% during the 1st quarter. FMR LLC now owns 2,703,959 shares of the company’s stock valued at $50,158,000 after purchasing an additional 131,997 shares during the last quarter. Finally, TimesSquare Capital Management LLC grew its holdings in shares of Cadence Bancorp by 8.1% during the 2nd quarter. TimesSquare Capital Management LLC now owns 2,555,020 shares of the company’s stock valued at $53,144,000 after purchasing an additional 191,570 shares during the last quarter. 91.94% of the stock is currently owned by institutional investors.

Shares of NYSE CADE opened at $16.58 on Friday. The company has a market capitalization of $2.12 billion, a P/E ratio of 8.01 and a beta of 1.79. Cadence Bancorp has a 52-week low of $14.66 and a 52-week high of $23.22. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.99 and a current ratio of 0.99. The company’s 50 day moving average price is $16.84 and its 200-day moving average price is $18.28.

Cadence Bancorp (NYSE:CADE) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.15). The firm had revenue of $194.83 million during the quarter, compared to analyst estimates of $191.73 million. Cadence Bancorp had a return on equity of 9.81% and a net margin of 20.00%. During the same quarter last year, the firm posted $0.56 EPS. Analysts forecast that Cadence Bancorp will post 1.82 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a $0.175 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 4.22%. Cadence Bancorp’s dividend payout ratio (DPR) is currently 33.82%.

In related news, CEO Paul B. Murphy, Jr. bought 10,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were bought at an average price of $15.88 per share, for a total transaction of $158,800.00. Following the transaction, the chief executive officer now directly owns 508,320 shares of the company’s stock, valued at $8,072,121.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Samuel M. Tortorici bought 6,500 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were bought at an average price of $15.68 per share, for a total transaction of $101,920.00. Following the transaction, the chief operating officer now directly owns 150,786 shares in the company, valued at $2,364,324.48. The disclosure for this purchase can be found here. Insiders bought a total of 37,378 shares of company stock worth $606,289 in the last 90 days. Corporate insiders own 3.34% of the company’s stock.

Several brokerages recently issued reports on CADE. Keefe, Bruyette & Woods lowered shares of Cadence Bancorp from an “outperform” rating to a “market perform” rating and set a $18.00 price target on the stock. in a report on Tuesday, July 23rd. SunTrust Banks reduced their target price on shares of Cadence Bancorp from $18.00 to $17.00 and set a “hold” rating on the stock in a report on Tuesday, August 27th. ValuEngine lowered shares of Cadence Bancorp from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Piper Jaffray Companies lowered shares of Cadence Bancorp from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $20.00 to $16.50 in a report on Thursday, October 24th. Finally, JPMorgan Chase & Co. lowered shares of Cadence Bancorp from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $20.00 to $16.50 in a report on Thursday, October 24th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $19.80.

Cadence Bancorp 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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Institutional Ownership by Quarter for Cadence Bancorp (NYSE:CADE)

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