Cadence Bancorp (CADE) Position Trimmed by Connor Clark & Lunn Investment Management Ltd.
Connor Clark & Lunn Investment Management Ltd. decreased its position in shares of Cadence Bancorp (NYSE:CADE) by 43.8% in the 1st quarter, HoldingsChannel.com reports. The firm owned 24,600 shares of the company’s stock after selling 19,175 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Cadence Bancorp were worth $456,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Great West Life Assurance Co. Can increased its stake in shares of Cadence Bancorp by 117.2% in the first quarter. Great West Life Assurance Co. Can now owns 18,349 shares of the company’s stock valued at $339,000 after buying an additional 9,900 shares during the period. Dean Investment Associates LLC acquired a new position in shares of Cadence Bancorp in the first quarter valued at approximately $5,709,000. Kendall Capital Management acquired a new position in shares of Cadence Bancorp in the first quarter valued at approximately $218,000. New York State Common Retirement Fund increased its stake in shares of Cadence Bancorp by 9.0% in the first quarter. New York State Common Retirement Fund now owns 1,012,375 shares of the company’s stock valued at $18,780,000 after buying an additional 83,422 shares during the period. Finally, Great Lakes Advisors LLC acquired a new position in shares of Cadence Bancorp in the first quarter valued at approximately $224,000. 91.23% of the stock is owned by institutional investors and hedge funds.
A number of research firms have weighed in on CADE. Raymond James increased their target price on shares of Cadence Bancorp from $25.00 to $27.00 and gave the company a “strong-buy” rating in a research report on Tuesday, April 30th. Stephens reissued a “buy” rating and set a $26.00 target price on shares of Cadence Bancorp in a research report on Tuesday, April 30th. TheStreet raised shares of Cadence Bancorp from a “d+” rating to a “c-” rating in a research report on Monday, April 15th. Goldman Sachs Group began coverage on shares of Cadence Bancorp in a research report on Tuesday, March 5th. They set a “buy” rating and a $23.00 target price for the company. Finally, Zacks Investment Research raised shares of Cadence Bancorp from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a research report on Wednesday, March 13th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $25.44.
Cadence Bancorp stock opened at $18.50 on Friday. The company has a market cap of $2.49 billion, a price-to-earnings ratio of 8.71 and a beta of 1.64. Cadence Bancorp has a 52-week low of $16.13 and a 52-week high of $31.44. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 0.31.
Cadence Bancorp (NYSE:CADE) last posted its quarterly earnings results on Monday, April 29th. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.08. The firm had revenue of $200.00 million for the quarter, compared to analysts’ expectations of $185.47 million. Cadence Bancorp had a return on equity of 13.06% and a net margin of 25.71%. The company’s revenue for the quarter was up 72.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.50 EPS. As a group, sell-side analysts forecast that Cadence Bancorp will post 2.32 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date is Thursday, May 30th. Cadence Bancorp’s payout ratio is 33.82%.
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Cadence Bancorp 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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