Clearbridge Investments LLC reduced its stake in Cadence Bancorp (NYSE:CADE) by 11.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,421,331 shares of the company’s stock after selling 182,132 shares during the period. Clearbridge Investments LLC owned 1.10% of Cadence Bancorp worth $26,366,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of CADE. Private Capital Management LLC bought a new position in Cadence Bancorp during the first quarter worth about $10,371,000. Quantinno Capital Management LP acquired a new position in Cadence Bancorp during the first quarter worth approximately $691,000. Lazard Asset Management LLC increased its position in Cadence Bancorp by 30.5% during the first quarter. Lazard Asset Management LLC now owns 2,343,037 shares of the company’s stock worth $43,463,000 after buying an additional 547,288 shares during the last quarter. Sapience Investments LLC boosted its holdings in shares of Cadence Bancorp by 24.8% during the first quarter. Sapience Investments LLC now owns 542,320 shares of the company’s stock worth $10,060,000 after acquiring an additional 107,680 shares during the period. Finally, Davis Capital Partners LLC bought a new stake in shares of Cadence Bancorp in the first quarter valued at approximately $18,550,000. 91.99% of the stock is owned by institutional investors and hedge funds.
Several research analysts have commented on the stock. TheStreet upgraded shares of Vectrus from a “c+” rating to a “b” rating in a research report on Monday, April 15th. Zacks Investment Research downgraded First Merchants from a “hold” rating to a “sell” rating in a report on Monday, July 1st. Stephens initiated coverage on LiqTech International in a report on Tuesday. They issued an “overweight” rating and a $13.00 price objective for the company. Finally, Raymond James set a C$13.50 price target on shares of Secure Energy Services and gave the stock a “strong-buy” rating in a research note on Tuesday, April 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $25.11.
Shares of NYSE CADE traded up $0.06 during midday trading on Friday, reaching $20.20. The stock had a trading volume of 841,167 shares, compared to its average volume of 929,801. Cadence Bancorp has a 12-month low of $16.13 and a 12-month high of $29.89. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.00 and a quick ratio of 0.99. The business’s 50-day simple moving average is $19.97. The company has a market cap of $2.59 billion, a P/E ratio of 9.76 and a beta of 1.79.
Cadence Bancorp (NYSE:CADE) last released its quarterly earnings results on Monday, April 29th. The company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.08. Cadence Bancorp had a net margin of 25.71% and a return on equity of 13.06%. The business had revenue of $200.00 million for the quarter, compared to analysts’ expectations of $185.47 million. During the same period last year, the business earned $0.50 EPS. The company’s revenue was up 72.3% compared to the same quarter last year. Sell-side analysts predict that Cadence Bancorp will post 2.36 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 3.47%. The ex-dividend date of this dividend was Thursday, May 30th. Cadence Bancorp’s dividend payout ratio is presently 33.82%.
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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