Cadence Bancorp (NYSE:CADE) Shares Bought by The Manufacturers Life Insurance Company
The Manufacturers Life Insurance Company increased its holdings in shares of Cadence Bancorp (NYSE:CADE) by 48.1% in the first quarter, HoldingsChannel reports. The firm owned 1,990,803 shares of the company’s stock after acquiring an additional 646,300 shares during the period. The Manufacturers Life Insurance Company’s holdings in Cadence Bancorp were worth $36,929,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in Cadence Bancorp by 53.3% in the 1st quarter. BlackRock Inc. now owns 10,445,119 shares of the company’s stock valued at $193,756,000 after buying an additional 3,633,821 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Cadence Bancorp by 118.0% in the first quarter. Dimensional Fund Advisors LP now owns 4,475,721 shares of the company’s stock worth $83,025,000 after purchasing an additional 2,422,427 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Cadence Bancorp by 20.8% in the first quarter. JPMorgan Chase & Co. now owns 4,445,577 shares of the company’s stock worth $82,466,000 after purchasing an additional 766,561 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Cadence Bancorp by 26.5% in the first quarter. Janus Henderson Group PLC now owns 3,606,300 shares of the company’s stock worth $66,897,000 after purchasing an additional 754,509 shares in the last quarter. Finally, Strs Ohio boosted its stake in Cadence Bancorp by 1.8% in the first quarter. Strs Ohio now owns 3,435,297 shares of the company’s stock worth $63,724,000 after purchasing an additional 59,800 shares in the last quarter. Hedge funds and other institutional investors own 92.01% of the company’s stock.
In other Cadence Bancorp news, Director Joseph W. Evans sold 49,724 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $22.83, for a total value of $1,135,198.92. Following the completion of the transaction, the director now directly owns 405,450 shares of the company’s stock, valued at $9,256,423.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Samuel M. Tortorici bought 50,000 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was acquired at an average cost of $19.90 per share, with a total value of $995,000.00. Following the completion of the purchase, the chief operating officer now owns 489,988 shares of the company’s stock, valued at approximately $9,750,761.20. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 55,044 shares of company stock valued at $1,096,177 and sold 81,224 shares valued at $1,817,309. Corporate insiders own 3.34% of the company’s stock.
Cadence Bancorp (NYSE:CADE) last released its quarterly earnings data on Monday, April 29th. The company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.08. The business had revenue of $200.00 million during the quarter, compared to the consensus estimate of $185.47 million. Cadence Bancorp had a return on equity of 13.06% and a net margin of 25.71%. The firm’s revenue was up 72.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.50 earnings per share. As a group, sell-side analysts predict that Cadence Bancorp will post 2.36 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be issued a $0.175 dividend. The ex-dividend date is Thursday, May 30th. This represents a $0.70 dividend on an annualized basis and a yield of 3.57%. Cadence Bancorp’s dividend payout ratio is presently 33.82%.
A number of research firms have recently weighed in on CADE. Goldman Sachs Group began coverage on Cadence Bancorp in a research report on Tuesday, March 5th. They set a “buy” rating and a $23.00 target price for the company. Raymond James boosted their target price on Cadence Bancorp from $24.00 to $25.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, March 5th. Zacks Investment Research upgraded 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. TheStreet upgraded Cadence Bancorp from a “d+” rating to a “c-” rating in a research report on Monday, April 15th. Finally, Stephens restated a “buy” rating and set a $26.00 target price on shares of Cadence Bancorp in a research report on Tuesday, April 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $25.44.
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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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