Emerald Advisers Inc. PA lessened its stake in shares of Cadence Bancorp (NYSE:CADE) by 2.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,724,367 shares of the company’s stock after selling 44,200 shares during the quarter. Cadence Bancorp comprises 1.7% of Emerald Advisers Inc. PA’s portfolio, making the stock its 7th largest holding. Emerald Advisers Inc. PA’s holdings in Cadence Bancorp were worth $45,040,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Wells Fargo & Company MN raised its holdings in Cadence Bancorp by 1,009.7% in the 1st quarter. Wells Fargo & Company MN now owns 163,320 shares of the company’s stock valued at $4,448,000 after buying an additional 148,603 shares during the period. Northern Trust Corp raised its holdings in Cadence Bancorp by 50.1% in the 1st quarter. Northern Trust Corp now owns 297,147 shares of the company’s stock valued at $8,091,000 after buying an additional 99,147 shares during the period. BlackRock Inc. raised its holdings in Cadence Bancorp by 26.8% in the 1st quarter. BlackRock Inc. now owns 2,935,738 shares of the company’s stock valued at $79,941,000 after buying an additional 619,665 shares during the period. California Public Employees Retirement System raised its holdings in Cadence Bancorp by 5.3% in the 1st quarter. California Public Employees Retirement System now owns 52,666 shares of the company’s stock valued at $1,434,000 after buying an additional 2,666 shares during the period. Finally, Dimensional Fund Advisors LP purchased a new stake in Cadence Bancorp in the 1st quarter valued at about $229,000. Institutional investors and hedge funds own 71.78% of the company’s stock.
Several analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Cadence Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price objective on the stock in a report on Monday, October 8th. Raymond James reduced their price objective on shares of Cadence Bancorp from $35.00 to $30.00 and set a “strong-buy” rating on the stock in a report on Tuesday, October 23rd. ValuEngine lowered shares of Cadence Bancorp from a “hold” rating to a “sell” rating in a report on Friday, October 19th. Stephens set a $34.00 price objective on shares of Cadence Bancorp and gave the company a “buy” rating in a report on Monday, October 22nd. Finally, Morgan Stanley assumed coverage on shares of Cadence Bancorp in a report on Tuesday, September 25th. They issued an “equal weight” rating and a $30.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Cadence Bancorp currently has an average rating of “Buy” and a consensus target price of $30.14.
Cadence Bancorp (NYSE:CADE) last released its earnings results on Monday, October 22nd. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.05. The company had revenue of $122.08 million during the quarter, compared to the consensus estimate of $120.97 million. Cadence Bancorp had a return on equity of 12.41% and a net margin of 25.78%. Analysts expect that Cadence Bancorp will post 2.1 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.75%. The ex-dividend date of this dividend is Friday, November 30th. Cadence Bancorp’s dividend payout ratio is currently 40.54%.
In other Cadence Bancorp news, Chairman Paul B. Murphy, Jr. sold 275,000 shares of Cadence Bancorp stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $27.41, for a total value of $7,537,750.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Valerie Toalson sold 25,160 shares of Cadence Bancorp stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $27.41, for a total value of $689,635.60. Following the completion of the transaction, the insider now directly owns 11,608 shares of the company’s stock, valued at $318,175.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 401,103 shares of company stock valued at $10,994,233. 0.09% of the stock is currently owned by corporate insiders.
About Cadence Bancorp
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.
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