Neuburgh Advisers LLC lifted its holdings in shares of Cadence Bancorp (NYSE:CADE) by 104.7% during the second quarter, Holdings Channel reports. The fund owned 5,568 shares of the company’s stock after acquiring an additional 2,848 shares during the period. Neuburgh Advisers LLC’s holdings in Cadence Bancorp were worth $161,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Federated Investors Inc. PA purchased a new stake in shares of Cadence Bancorp during the second quarter worth about $4,230,000. Riverhead Capital Management LLC grew its stake in shares of Cadence Bancorp by 106.7% during the second 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 during the last quarter. Meadow Creek Investment Management LLC grew its stake in shares of Cadence Bancorp by 104.7% during the second quarter. Meadow Creek Investment Management LLC now owns 11,832 shares of the company’s stock worth $342,000 after acquiring an additional 6,052 shares during the last quarter. FMR LLC grew its stake in shares of Cadence Bancorp by 1,022.2% during the second quarter. FMR LLC now owns 2,392,476 shares of the company’s stock worth $69,071,000 after acquiring an additional 2,179,276 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Cadence Bancorp by 3,616.6% during the second quarter. Dimensional Fund Advisors LP now owns 312,939 shares of the company’s stock worth $9,034,000 after acquiring an additional 304,519 shares during the last quarter. Institutional investors and hedge funds own 67.70% of the company’s stock.
A number of brokerages have recently weighed in on CADE. Raymond James upgraded Cadence Bancorp from an “outperform” rating to a “strong-buy” rating in a research note on Friday, June 15th. Stephens restated a “buy” rating and set a $35.00 price target on shares of Cadence Bancorp in a research note on Thursday, May 24th. Zacks Investment Research upgraded Cadence Bancorp from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Thursday, July 12th. Finally, ValuEngine lowered Cadence Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, July 31st. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $30.57.
Shares of NYSE CADE opened at $28.08 on Thursday. The company has a market capitalization of $2.36 billion, a P/E ratio of 15.61 and a beta of 0.44. Cadence Bancorp has a 52 week low of $20.40 and a 52 week high of $31.44. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.02 and a current ratio of 1.03.
Cadence Bancorp (NYSE:CADE) last issued its earnings results on Monday, July 23rd. The company reported $0.57 EPS for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.08. The firm had revenue of $120.10 million for the quarter, compared to analyst estimates of $119.49 million. Cadence Bancorp had a return on equity of 11.24% and a net margin of 24.49%. Cadence Bancorp’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.35 earnings per share. sell-side analysts predict that Cadence Bancorp will post 2 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Tuesday, September 4th will be given a $0.15 dividend. The ex-dividend date is Friday, August 31st. This represents a $0.60 dividend on an annualized basis and a yield of 2.14%. This is a positive change from Cadence Bancorp’s previous quarterly dividend of $0.13. Cadence Bancorp’s dividend payout ratio is currently 40.54%.
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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