Victory Capital Management Inc. purchased a new stake in shares of Cadence Bancorp (NYSE:CADE) during the first quarter, HoldingsChannel.com reports. The fund purchased 1,914,415 shares of the company’s stock, valued at approximately $35,512,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its position in shares of Cadence Bancorp by 58.5% in the third quarter. JPMorgan Chase & Co. now owns 3,568,721 shares of the company’s stock valued at $93,215,000 after purchasing an additional 1,316,722 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Cadence Bancorp by 71.6% in the third quarter. Bank of New York Mellon Corp now owns 330,801 shares of the company’s stock valued at $8,640,000 after purchasing an additional 138,061 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Cadence Bancorp by 84.0% in the third quarter. Dimensional Fund Advisors LP now owns 575,689 shares of the company’s stock valued at $15,037,000 after purchasing an additional 262,750 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Cadence Bancorp by 108.2% in the third quarter. AQR Capital Management LLC now owns 75,195 shares of the company’s stock valued at $1,964,000 after purchasing an additional 39,075 shares during the last quarter. Finally, Legal & General Group Plc grew its position in shares of Cadence Bancorp by 55.5% in the third quarter. Legal & General Group Plc now owns 11,701 shares of the company’s stock valued at $306,000 after purchasing an additional 4,176 shares during the last quarter.
CADE traded down $0.03 during midday trading on Friday, reaching $21.27. 3,772 shares of the company’s stock were exchanged, compared to its average volume of 1,248,403. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of 10.16 and a beta of 1.64. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.31. Cadence Bancorp has a one year low of $16.13 and a one year high of $31.44.
Cadence Bancorp (NYSE:CADE) last announced its quarterly earnings results on Monday, April 29th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.08. The firm had revenue of $200.00 million during the quarter, compared to analysts’ expectations of $185.47 million. Cadence Bancorp had a net margin of 25.71% and a return on equity of 13.06%. The company’s revenue for the quarter was up 72.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.50 earnings per share. Equities research analysts expect that Cadence Bancorp will post 2.28 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Thursday, May 30th. Cadence Bancorp’s dividend payout ratio is 33.82%.
Several equities research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Cadence Bancorp from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Friday, March 29th. Raymond James increased their target price on shares of Cadence Bancorp from $25.00 to $27.00 and gave the company a “strong-buy” rating in a research note on Tuesday, April 30th. Stephens reiterated a “buy” rating and issued a $25.00 target price on shares of Cadence Bancorp in a research note on Tuesday, January 29th. TheStreet upgraded shares of Cadence Bancorp from a “d+” rating to a “c-” rating in a research note on Monday, April 15th. Finally, Goldman Sachs Group assumed coverage on shares of Cadence Bancorp in a research note on Tuesday, March 5th. They issued a “buy” rating and a $23.00 target price for the company. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Cadence Bancorp presently has an average rating of “Buy” and an average price target of $25.44.
In other news, Director Joseph W. Evans sold 49,724 shares of Cadence Bancorp stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $22.83, for a total value of $1,135,198.92. Following the completion of the transaction, the director now owns 405,450 shares in the company, valued at $9,256,423.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Samuel M. Tortorici bought 50,000 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was purchased at an average price of $19.90 per share, with a total value of $995,000.00. Following the purchase, the chief operating officer now directly 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 90 days, insiders have acquired 55,044 shares of company stock valued at $1,096,177 and have sold 81,224 shares valued at $1,817,309. 3.34% of the stock is owned by company insiders.
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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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