Global Retirement Partners LLC Acquires 505 Shares of Cadence Bancorp (CADE)
Global Retirement Partners LLC lifted its holdings in shares of Cadence Bancorp (NYSE:CADE) by 36.7% during the first quarter, HoldingsChannel reports. The institutional investor owned 1,882 shares of the company’s stock after acquiring an additional 505 shares during the quarter. Global Retirement Partners LLC’s holdings in Cadence Bancorp were worth $35,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also made changes to their positions in the stock. JPMorgan Chase & Co. lifted its position in shares of Cadence Bancorp by 58.5% in the third quarter. JPMorgan Chase & Co. now owns 3,568,721 shares of the company’s stock worth $93,215,000 after buying an additional 1,316,722 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Cadence Bancorp by 71.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 330,801 shares of the company’s stock worth $8,640,000 after purchasing an additional 138,061 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Cadence Bancorp by 55.5% during the 3rd quarter. Legal & General Group Plc now owns 11,701 shares of the company’s stock worth $306,000 after purchasing an additional 4,176 shares during the last quarter. Morgan Stanley lifted its position in shares of Cadence Bancorp by 35.2% during the 3rd quarter. Morgan Stanley now owns 160,186 shares of the company’s stock worth $4,183,000 after purchasing an additional 41,684 shares during the last quarter. Finally, Federated Investors Inc. PA lifted its position in shares of Cadence Bancorp by 0.6% during the 3rd quarter. Federated Investors Inc. PA now owns 147,447 shares of the company’s stock worth $3,852,000 after purchasing an additional 926 shares during the last quarter.
In related news, COO Samuel M. Tortorici acquired 50,000 shares of the stock in a transaction dated Friday, March 15th. The shares were bought at an average cost of $19.90 per share, for a total transaction of $995,000.00. Following the purchase, the chief operating officer now owns 489,988 shares in the company, valued at approximately $9,750,761.20. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Valerie Toalson acquired 4,984 shares of the stock in a transaction dated Monday, March 18th. The stock was bought at an average price of $20.06 per share, for a total transaction of $99,979.04. Following the completion of the purchase, the chief financial officer now owns 63,258 shares in the company, valued at approximately $1,268,955.48. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 55,044 shares of company stock worth $1,096,177 and sold 81,224 shares worth $1,817,309. Corporate insiders own 3.34% of the company’s stock.
Shares of CADE opened at $20.89 on Tuesday. Cadence Bancorp has a 12-month low of $16.13 and a 12-month high of $31.44. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market cap of $2.68 billion, a P/E ratio of 10.09 and a beta of 1.64.
Cadence Bancorp (NYSE:CADE) last released its quarterly earnings data on Monday, April 29th. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.08. Cadence Bancorp had a return on equity of 13.06% and a net margin of 25.71%. The company had revenue of $200.00 million for the quarter, compared to analyst estimates of $185.47 million. During the same period in the prior year, the company posted $0.50 EPS. The company’s revenue was up 72.3% compared to the same quarter last year. Analysts anticipate that Cadence Bancorp will post 2.28 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be paid a $0.175 dividend. The ex-dividend date is Thursday, May 30th. This represents a $0.70 annualized dividend and a dividend yield of 3.35%. Cadence Bancorp’s dividend payout ratio is currently 33.82%.
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About Cadence Bancorp
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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