Bank of America Corp DE Acquires 143,536 Shares of Cadence Bancorp (CADE)

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Bank of America Corp DE raised its stake in Cadence Bancorp (NYSE:CADE) by 79.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 323,587 shares of the company’s stock after buying an additional 143,536 shares during the period. Bank of America Corp DE owned about 0.39% of Cadence Bancorp worth $9,342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the business. Neuburgh Advisers LLC lifted its position in shares of Cadence Bancorp by 104.7% in the 2nd quarter. Neuburgh Advisers LLC now owns 5,568 shares of the company’s stock worth $161,000 after purchasing an additional 2,848 shares during the period. SG Americas Securities LLC bought a new position in shares of Cadence Bancorp during the 2nd quarter worth approximately $165,000. Royal Bank of Canada raised its stake in shares of Cadence Bancorp by 609.9% during the 1st quarter. Royal Bank of Canada now owns 6,389 shares of the company’s stock worth $174,000 after acquiring an additional 5,489 shares in the last quarter. Riverhead Capital Management LLC raised its stake in shares of Cadence Bancorp by 106.7% during the 2nd quarter. Riverhead Capital Management LLC now owns 6,201 shares of the company’s stock worth $179,000 after acquiring an additional 3,201 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Cadence Bancorp by 48.4% during the 2nd quarter. Legal & General Group Plc now owns 7,525 shares of the company’s stock worth $217,000 after acquiring an additional 2,453 shares in the last quarter. 73.49% of the stock is owned by institutional investors.

In other news, insider Jerry W. Powell acquired 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 24th. The stock was purchased at an average cost of $20.49 per share, for a total transaction of $81,960.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William B. Harrison, Jr. acquired 23,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 24th. The shares were purchased at an average price of $21.72 per share, with a total value of $499,560.00. Following the completion of the transaction, the director now owns 90,919 shares of the company’s stock, valued at approximately $1,974,760.68. The disclosure for this purchase can be found here. Over the last three months, insiders sold 401,103 shares of company stock worth $10,994,233. Insiders own 0.09% of the company’s stock.

CADE has been the subject of several recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $28.00 price objective on shares of Cadence Bancorp in a research note on Tuesday, October 23rd. Raymond James reduced their price objective on shares of Cadence Bancorp from $35.00 to $30.00 and set a “strong-buy” rating for the company in a research note on Tuesday, October 23rd. Zacks Investment Research upgraded shares of Cadence Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research note on Monday, October 8th. Morgan Stanley started coverage on shares of Cadence Bancorp in a research note on Tuesday, September 25th. They set an “equal weight” rating and a $30.00 price target on the stock. Finally, Keefe, Bruyette & Woods upgraded shares of Cadence Bancorp from a “market perform” rating to an “outperform” rating and set a $32.00 price target on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $30.38.

CADE traded up $0.10 during midday trading on Friday, hitting $22.05. 1,119,025 shares of the company traded hands, compared to its average volume of 1,743,806. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.34. The company has a market cap of $1.81 billion, a price-to-earnings ratio of 14.90 and a beta of 1.20. Cadence Bancorp has a 52-week low of $20.34 and a 52-week high of $31.44.

Cadence Bancorp (NYSE:CADE) last posted its quarterly earnings results on Monday, October 22nd. The company reported $0.56 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.05. The firm had revenue of $122.08 million for the quarter, compared to the consensus estimate of $120.97 million. Cadence Bancorp had a net margin of 25.78% and a return on equity of 12.41%. On average, research analysts forecast that Cadence Bancorp will post 2.1 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.72%. The ex-dividend date is Friday, November 30th. Cadence Bancorp’s dividend payout ratio is currently 40.54%.

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Cadence Bancorp Company Profile

Cadence Bancorporation operates as the bank holding company for Cadence Bank, N.A. that provides commercial banking products and services to businesses, high net worth individuals, business owners, and retail customers in the United States. The company operates through Banking and Financial Services segments.

Read More: Why is Cost of Capital Important?

Institutional Ownership by Quarter for Cadence Bancorp (NYSE:CADE)

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