Earnest Partners LLC Buys 48,385 Shares of Cadence Bancorp (NYSE:CADE)

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Earnest Partners LLC increased its stake in shares of Cadence Bancorp (NYSE:CADE) by 1.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,395,699 shares of the company’s stock after acquiring an additional 48,385 shares during the quarter. Earnest Partners LLC owned about 2.64% of Cadence Bancorp worth $70,631,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Global Retirement Partners LLC boosted its stake in shares of Cadence Bancorp by 36.7% in the 1st quarter. Global Retirement Partners LLC now owns 1,882 shares of the company’s stock valued at $35,000 after purchasing an additional 505 shares in the last quarter. Toronto Dominion Bank acquired a new stake in shares of Cadence Bancorp in the 1st quarter valued at approximately $75,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Cadence Bancorp by 40.6% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,134 shares of the company’s stock valued at $132,000 after buying an additional 2,059 shares during the last quarter. Sciencast Management LP acquired a new stake in shares of Cadence Bancorp in the 2nd quarter valued at approximately $164,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Cadence Bancorp in the 2nd quarter valued at approximately $169,000. 92.60% of the stock is currently owned by institutional investors and hedge funds.

CADE has been the topic of several recent research reports. SunTrust Banks lowered their price objective on Cadence Bancorp from $18.00 to $17.00 and set a “hold” rating on the stock in a research report on Tuesday, August 27th. Raymond James cut shares of Cadence Bancorp from a “strong-buy” rating to an “outperform” rating and reduced their target price for the company from $20.00 to $19.00 in a research note on Thursday, August 29th. Stephens reiterated a “hold” rating and issued a $18.00 target price on shares of Cadence Bancorp in a research note on Friday, July 26th. Goldman Sachs Group cut shares of Cadence Bancorp from a “buy” rating to a “neutral” rating and set a $18.00 target price for the company. in a research note on Monday, July 22nd. Finally, Keefe, Bruyette & Woods cut shares of Cadence Bancorp from an “outperform” rating to a “market perform” rating and set a $18.00 target price for the company. in a research note on Tuesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $21.44.

In related news, Director J Richard Fredericks purchased 3,105 shares of Cadence Bancorp stock in a transaction that occurred on Wednesday, July 24th. The shares were acquired at an average price of $16.10 per share, for a total transaction of $49,990.50. Following the transaction, the director now directly owns 19,764 shares in the company, valued at $318,200.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Samuel M. Tortorici acquired 15,000 shares of the company’s stock in a transaction on Friday, July 26th. The shares were purchased at an average cost of $16.72 per share, with a total value of $250,800.00. Following the completion of the acquisition, the insider now directly owns 144,286 shares in the company, valued at approximately $2,412,461.92. The disclosure for this purchase can be found here. Insiders bought a total of 98,483 shares of company stock worth $1,551,597 in the last 90 days. 3.34% of the stock is owned by corporate insiders.

CADE opened at $17.89 on Friday. Cadence Bancorp has a fifty-two week low of $14.66 and a fifty-two week high of $27.75. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.99 and a quick ratio of 0.99. The firm’s fifty day moving average price is $15.80 and its two-hundred day moving average price is $19.04. The company has a market capitalization of $2.22 billion, a P/E ratio of 8.64 and a beta of 1.80.

Cadence Bancorp (NYSE:CADE) last posted its quarterly earnings results on Monday, July 22nd. The company reported $0.40 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.58 by ($0.18). Cadence Bancorp had a return on equity of 11.46% and a net margin of 22.62%. The business had revenue of $192.51 million for the quarter, compared to analyst estimates of $197.27 million. During the same quarter in the prior year, the firm earned $0.57 EPS. The firm’s quarterly revenue was up 60.3% on a year-over-year basis. On average, equities research analysts expect that Cadence Bancorp will post 1.97 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be paid a $0.175 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.70 annualized dividend and a dividend yield of 3.91%. Cadence Bancorp’s dividend payout ratio is presently 33.82%.

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

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