Cadence Bancorp (NYSE:CADE) saw a significant decline in short interest in June. As of June 30th, there was short interest totalling 5,060,000 shares, a decline of 21.1% from the June 15th total of 6,410,000 shares. Approximately 4.2% of the shares of the stock are short sold. Based on an average daily volume of 2,200,000 shares, the days-to-cover ratio is presently 2.3 days.
In other Cadence Bancorp news, COO Samuel M. Tortorici bought 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was purchased at an average cost of $5.36 per share, for a total transaction of $107,200.00. Following the completion of the purchase, the chief operating officer now owns 227,121 shares of the company’s stock, valued at approximately $1,217,368.56. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kathy N. Waller bought 88,000 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was acquired at an average price of $5.96 per share, with a total value of $524,480.00. Following the completion of the purchase, the director now directly owns 93,039 shares of the company’s stock, valued at approximately $554,512.44. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 117,560 shares of company stock worth $690,141. 3.03% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp boosted its holdings in shares of Cadence Bancorp by 4.6% in the 1st quarter. State Street Corp now owns 7,192,353 shares of the company’s stock worth $47,110,000 after acquiring an additional 313,462 shares in the last quarter. Royal Bank of Canada raised its position in shares of Cadence Bancorp by 118.8% during the 1st quarter. Royal Bank of Canada now owns 61,607 shares of the company’s stock valued at $403,000 after acquiring an additional 33,447 shares during the last quarter. Guggenheim Capital LLC raised its position in shares of Cadence Bancorp by 6.5% during the 1st quarter. Guggenheim Capital LLC now owns 23,554 shares of the company’s stock valued at $155,000 after acquiring an additional 1,437 shares during the last quarter. HighTower Advisors LLC bought a new stake in shares of Cadence Bancorp during the 1st quarter valued at $303,000. Finally, APG Asset Management N.V. bought a new stake in shares of Cadence Bancorp in the 1st quarter valued at $2,514,000. 89.79% of the stock is currently owned by institutional investors and hedge funds.
CADE traded down $0.31 during trading on Tuesday, reaching $8.13. 53,179 shares of the stock traded hands, compared to its average volume of 2,012,574. Cadence Bancorp has a fifty-two week low of $4.63 and a fifty-two week high of $20.41. The stock’s 50-day simple moving average is $8.38 and its two-hundred day simple moving average is $11.08. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of -4.03 and a beta of 2.01.
Cadence Bancorp (NYSE:CADE) last posted its earnings results on Wednesday, April 29th. The company reported $0.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.10). The company had revenue of $188.50 million for the quarter, compared to the consensus estimate of $186.06 million. Cadence Bancorp had a negative net margin of 26.45% and a positive return on equity of 6.74%. Cadence Bancorp’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter last year, the business earned $0.57 earnings per share. Research analysts anticipate that Cadence Bancorp will post 0.97 earnings per share for the current fiscal year.
A number of research analysts recently commented on CADE shares. ValuEngine raised Cadence Bancorp from a “strong sell” rating to a “sell” rating in a report on Monday, May 4th. Stephens raised Cadence Bancorp from an “equal weight” rating to an “overweight” rating in a report on Tuesday, May 12th. Zacks Investment Research raised Cadence Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. TheStreet downgraded Cadence Bancorp from a “c-” rating to a “d” rating in a report on Monday, March 9th. Finally, Raymond James raised Cadence Bancorp from a “market perform” rating to a “strong-buy” rating and set a $12.00 target price on the stock in a report on Wednesday, June 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $15.88.
Cadence Bancorp Company 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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