Naples Global Advisors LLC increased its stake in shares of Cadence Bancorp (NYSE:CADE) by 61.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,716 shares of the company’s stock after buying an additional 6,381 shares during the quarter. Naples Global Advisors LLC’s holdings in Cadence Bancorp were worth $303,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Oregon Public Employees Retirement Fund bought a new position in Cadence Bancorp during the 4th quarter worth $943,000. Rhumbline Advisers grew its stake in Cadence Bancorp by 7.5% during the 4th quarter. Rhumbline Advisers now owns 443,831 shares of the company’s stock worth $8,047,000 after buying an additional 30,912 shares during the last quarter. Virtu Financial LLC bought a new position in Cadence Bancorp during the 4th quarter worth $527,000. First Trust Advisors LP grew its stake in Cadence Bancorp by 67.1% during the 4th quarter. First Trust Advisors LP now owns 75,316 shares of the company’s stock worth $1,365,000 after buying an additional 30,236 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan grew its stake in Cadence Bancorp by 2.0% during the 4th quarter. Municipal Employees Retirement System of Michigan now owns 39,390 shares of the company’s stock worth $714,000 after buying an additional 770 shares during the last quarter. Hedge funds and other institutional investors own 99.98% of the company’s stock.
In other news, Director Joseph W. Evans bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was acquired at an average price of $15.85 per share, with a total value of $79,250.00. Following the completion of the purchase, the director now directly owns 391,229 shares of the company’s stock, valued at approximately $6,200,979.65. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Marc J. Shapiro bought 25,000 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The shares were purchased at an average cost of $16.13 per share, with a total value of $403,250.00. Following the purchase, the director now directly owns 25,000 shares of the company’s stock, valued at $403,250. The disclosure for this purchase can be found here. Insiders have purchased 30,887 shares of company stock valued at $498,120 in the last ninety days. Company insiders own 3.34% of the company’s stock.
A number of research analysts recently commented on the company. JPMorgan Chase & Co. downgraded Cadence Bancorp from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $20.00 to $16.50 in a research note on Thursday, October 24th. Piper Jaffray Companies cut Cadence Bancorp from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $20.00 to $16.50 in a research note on Thursday, October 24th. SunTrust Banks increased their price target on Cadence Bancorp from $16.00 to $19.00 and gave the stock a “hold” rating in a research note on Thursday, January 2nd. Zacks Investment Research raised Cadence Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Finally, ValuEngine raised Cadence Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 10th. Nine investment analysts have rated the stock with a hold rating, The stock has an average rating of “Hold” and an average target price of $18.25.
NYSE:CADE opened at $16.73 on Thursday. Cadence Bancorp has a 1 year low of $14.66 and a 1 year high of $23.22. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of 10.79 and a beta of 1.88. The business has a fifty day moving average of $17.22 and a 200-day moving average of $16.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.99 and a current ratio of 0.87.
Cadence Bancorp (NYSE:CADE) last released its quarterly earnings results on Thursday, January 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.05). Cadence Bancorp had a return on equity of 9.20% and a net margin of 20.38%. The business had revenue of $194.81 million during the quarter, compared to the consensus estimate of $191.15 million. During the same period in the previous year, the company posted $0.50 EPS. On average, equities research analysts predict that Cadence Bancorp will post 1.8 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 25th. Investors of record on Tuesday, February 18th will be paid a dividend of $0.175 per share. The ex-dividend date is Friday, February 14th. This represents a $0.70 annualized dividend and a yield of 4.18%. Cadence Bancorp’s dividend payout ratio is currently 40.70%.
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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