New York State Teachers Retirement System lifted its stake in shares of Cadence Bancorp (NYSE:CADE) by 15.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 61,480 shares of the company’s stock after acquiring an additional 8,043 shares during the period. New York State Teachers Retirement System’s holdings in Cadence Bancorp were worth $545,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc lifted its position in Cadence Bancorp by 564.5% during the second quarter. Versant Capital Management Inc now owns 3,482 shares of the company’s stock worth $30,000 after buying an additional 2,958 shares during the period. Nisa Investment Advisors LLC lifted its position in Cadence Bancorp by 94.6% during the first quarter. Nisa Investment Advisors LLC now owns 7,817 shares of the company’s stock worth $51,000 after buying an additional 3,800 shares during the period. AJO LP purchased a new position in Cadence Bancorp during the first quarter worth about $60,000. Advisor Group Inc. lifted its position in Cadence Bancorp by 57.7% during the fourth quarter. Advisor Group Inc. now owns 3,838 shares of the company’s stock worth $70,000 after buying an additional 1,404 shares during the period. Finally, Parametrica Management Ltd purchased a new position in Cadence Bancorp during the first quarter worth about $70,000. Hedge funds and other institutional investors own 89.35% of the company’s stock.
In other Cadence Bancorp news, Director Kathy N. Waller acquired 88,000 shares of the stock in a transaction on Monday, May 4th. The stock was purchased at an average price of $5.96 per share, for a total transaction of $524,480.00. Following the purchase, the director now directly owns 93,039 shares in the company, valued at $554,512.44. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Samuel M. Tortorici acquired 20,000 shares of the stock in a transaction on Wednesday, May 13th. The shares were acquired at an average price of $5.36 per share, with a total value of $107,200.00. Following the purchase, the chief operating officer now owns 227,121 shares in the company, valued at $1,217,368.56. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 128,560 shares of company stock worth $788,391. Company insiders own 3.03% of the company’s stock.
Shares of NYSE:CADE opened at $7.81 on Friday. The company has a market cap of $983.51 million, a P/E ratio of -2.73 and a beta of 2.01. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.95 and a current ratio of 0.95. Cadence Bancorp has a one year low of $4.63 and a one year high of $18.28. The business’s 50-day simple moving average is $8.32 and its 200 day simple moving average is $9.85.
Cadence Bancorp (NYSE:CADE) last announced its earnings results on Wednesday, July 22nd. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of $0.12 by ($0.57). The company had revenue of $184.66 million for the quarter, compared to analysts’ expectations of $188.02 million. Cadence Bancorp had a negative net margin of 38.95% and a positive return on equity of 2.26%. Analysts predict that Cadence Bancorp will post 0.3 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Investors of record on Friday, July 31st will be issued a dividend of $0.05 per share. The ex-dividend date is Thursday, July 30th. This represents a $0.20 annualized dividend and a dividend yield of 2.56%. Cadence Bancorp’s payout ratio is currently 11.63%.
CADE has been the topic of several recent analyst reports. ValuEngine upgraded Cadence Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, July 23rd. Morgan Stanley increased their target price on Cadence Bancorp from $6.50 to $9.00 and gave the stock an “equal weight” rating in a research report on Monday, June 8th. Raymond James upgraded Cadence Bancorp from a “market perform” rating to a “strong-buy” rating and set a $12.00 price objective on the stock in a report on Wednesday, June 17th. Royal Bank of Canada restated a “buy” rating and issued a $10.00 price objective on shares of Cadence Bancorp in a report on Thursday, July 9th. Finally, Zacks Investment Research downgraded Cadence Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Cadence Bancorp currently has an average rating of “Hold” and a consensus target price of $13.75.
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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