Basswood Capital Management L.L.C. Sells 3,288,812 Shares of Cascade Bancorp (CACB)
Basswood Capital Management L.L.C. decreased its position in shares of Cascade Bancorp (NASDAQ:CACB) by 91.3% during the fourth quarter, Holdings Channel reports. The firm owned 314,674 shares of the financial services provider’s stock after selling 3,288,812 shares during the period. Basswood Capital Management L.L.C. owned 0.42% of Cascade Bancorp worth $2,555,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in CACB. State Street Corp raised its stake in shares of Cascade Bancorp by 4.3% in the fourth quarter. State Street Corp now owns 502,463 shares of the financial services provider’s stock worth $4,075,000 after buying an additional 20,491 shares during the period. Russell Investments Group Ltd. acquired a new stake in shares of Cascade Bancorp during the fourth quarter worth approximately $115,000. Context BH Capital Management LP acquired a new stake in shares of Cascade Bancorp during the third quarter worth approximately $147,000. First Trust Advisors LP raised its stake in shares of Cascade Bancorp by 10.3% in the third quarter. First Trust Advisors LP now owns 17,406 shares of the financial services provider’s stock worth $105,000 after buying an additional 1,624 shares during the period. Finally, Jennison Associates LLC acquired a new stake in shares of Cascade Bancorp during the third quarter worth approximately $3,767,000. Institutional investors and hedge funds own 82.08% of the company’s stock.
Shares of Cascade Bancorp (NASDAQ:CACB) traded up 0.38% during mid-day trading on Thursday, reaching $8.02. 351,491 shares of the company’s stock were exchanged. The firm has a market capitalization of $601.94 million, a P/E ratio of 34.87 and a beta of 0.50. The stock has a 50-day moving average of $7.91 and a 200 day moving average of $6.84. Cascade Bancorp has a one year low of $5.27 and a one year high of $8.24.
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Separately, Zacks Investment Research upgraded shares of Cascade Bancorp from a “hold” rating to a “buy” rating and set a $9.00 price target for the company in a research note on Tuesday, January 3rd.
Cascade Bancorp Company Profile
Cascade Bancorp is a United States-based bank holding company. The Company operates through its subsidiary, Bank of the Cascades (the Bank). The Bank is an Oregon state chartered bank. The Bank offers a range of commercial and retail banking services to its customers. It provides commercial real estate loans, real estate construction and development loans, and commercial and industrial loans, as well as consumer installment, line-of-credit, credit card and home equity loans.
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