Russell Investments Group Ltd. decreased its holdings in Cadence Bancorp (NYSE:CADE) by 59.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 60,245 shares of the company’s stock after selling 87,716 shares during the quarter. Russell Investments Group Ltd.’s holdings in Cadence Bancorp were worth $1,573,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the company. BlackRock Inc. grew its stake in shares of Cadence Bancorp by 54.4% in the second quarter. BlackRock Inc. now owns 4,533,126 shares of the company’s stock worth $130,871,000 after purchasing an additional 1,597,388 shares in the last quarter. Strs Ohio bought a new position in shares of Cadence Bancorp in the third quarter worth $88,167,000. Earnest Partners LLC grew its stake in shares of Cadence Bancorp by 0.4% in the second quarter. Earnest Partners LLC now owns 2,693,062 shares of the company’s stock worth $77,749,000 after purchasing an additional 10,316 shares in the last quarter. FMR LLC grew its stake in shares of Cadence Bancorp by 1,022.2% in the second quarter. FMR LLC now owns 2,392,476 shares of the company’s stock worth $69,071,000 after purchasing an additional 2,179,276 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Cadence Bancorp by 17.6% in the second quarter. Millennium Management LLC now owns 2,222,567 shares of the company’s stock worth $64,166,000 after purchasing an additional 332,271 shares in the last quarter.
In other Cadence Bancorp news, insider Jerry W. Powell acquired 4,000 shares of Cadence Bancorp stock in a transaction that occurred on Wednesday, October 24th. The stock was purchased at an average cost of $20.49 per share, with a total value of $81,960.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Valerie Toalson sold 25,160 shares of the firm’s stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $27.41, for a total value of $689,635.60. Following the sale, 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 three months, insiders sold 401,103 shares of company stock valued at $10,994,233. Company insiders own 0.09% of the company’s stock.
Shares of Cadence Bancorp stock opened at $19.59 on Friday. The stock has a market capitalization of $1.65 billion, a P/E ratio of 9.85 and a beta of 1.14. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.03 and a quick ratio of 1.03. Cadence Bancorp has a 1 year low of $18.83 and a 1 year high of $31.44.
Cadence Bancorp (NYSE:CADE) last announced its quarterly earnings data on Monday, October 22nd. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.05. The firm 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 12.30% and a net margin of 25.78%. On average, research analysts forecast that Cadence Bancorp will post 2.1 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.06%. The ex-dividend date is Friday, November 30th. Cadence Bancorp’s dividend payout ratio is currently 40.54%.
Several research analysts have recently issued reports on CADE shares. Zacks Investment Research raised Cadence Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a research note on Monday, October 8th. Stephens set a $34.00 target price on Cadence Bancorp and gave the company a “buy” rating in a research note on Monday, October 22nd. Morgan Stanley started coverage on Cadence Bancorp in a research note on Tuesday, September 25th. They set an “equal weight” rating and a $30.00 target price for the company. Keefe, Bruyette & Woods raised Cadence Bancorp from a “market perform” rating to an “outperform” rating and set a $32.00 target price for the company in a research note on Thursday, November 8th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $28.00 target price on shares of Cadence Bancorp in a research note on Tuesday, October 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Cadence Bancorp currently has a consensus rating of “Buy” and a consensus price target of $30.38.
WARNING: “Cadence Bancorp (CADE) Stake Lessened by Russell Investments Group Ltd.” was originally posted by Transcript Daily and is the sole property of of Transcript Daily. If you are viewing this news story on another site, it was illegally copied and republished in violation of U.S. and international copyright & trademark legislation. The original version of this news story can be accessed at https://transcriptdaily.com/2018/12/07/cadence-bancorp-cade-stake-lessened-by-russell-investments-group-ltd.html.
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.
Featured Story: Technical Analysis
Want to see what other hedge funds are holding CADE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Bancorp (NYSE:CADE).
Receive News & Ratings for Cadence Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.