Rafferty Asset Management LLC Buys New Position in Cadence Bancorp (CADE)

Rafferty Asset Management LLC bought a new stake in shares of Cadence Bancorp (NYSE:CADE) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 12,885 shares of the company’s stock, valued at approximately $337,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CADE. Wesbanco Bank Inc. purchased a new position in Cadence Bancorp in the third quarter worth about $520,000. American International Group Inc. raised its holdings in shares of Cadence Bancorp by 56.4% during the third quarter. American International Group Inc. now owns 47,995 shares of the company’s stock valued at $1,254,000 after purchasing an additional 17,305 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Cadence Bancorp by 28.5% during the third quarter. BlackRock Inc. now owns 5,823,544 shares of the company’s stock valued at $152,113,000 after purchasing an additional 1,290,418 shares during the last quarter. Grand Jean Capital Management Inc. raised its holdings in shares of Cadence Bancorp by 14.3% during the third quarter. Grand Jean Capital Management Inc. now owns 456,731 shares of the company’s stock valued at $11,930,000 after purchasing an additional 57,132 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Cadence Bancorp by 71.6% during the third quarter. Bank of New York Mellon Corp now owns 330,801 shares of the company’s stock valued at $8,640,000 after purchasing an additional 138,061 shares during the last quarter.

CADE has been the subject of several research reports. Raymond James decreased their price objective on shares of Cadence Bancorp from $35.00 to $30.00 and set a “strong-buy” rating for the company in a report on Tuesday, October 23rd. Royal Bank of Canada reissued an “outperform” rating and set a $28.00 price objective on shares of Cadence Bancorp in a report on Tuesday, October 23rd. Zacks Investment Research raised shares of Cadence Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a report on Monday, October 8th. Keefe, Bruyette & Woods upgraded shares of Cadence Bancorp from a “market perform” rating to an “outperform” rating and set a $32.00 target price for the company in a research report on Thursday, November 8th. Finally, Morgan Stanley initiated coverage on shares of Cadence Bancorp in a research report on Tuesday, September 25th. They set an “equal weight” rating and a $30.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $30.38.

In other Cadence Bancorp news, President Samuel M. Tortorici sold 100,943 shares of the company’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $27.41, for a total value of $2,766,847.63. Following the completion of the transaction, the president now directly owns 18,659 shares in the company, valued at $511,443.19. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Paul B. Murphy, Jr. sold 275,000 shares of the company’s stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $27.41, for a total transaction of $7,537,750.00. The disclosure for this sale can be found here. Insiders have sold 401,103 shares of company stock valued at $10,994,233 over the last 90 days. 0.09% of the stock is currently owned by company insiders.

Shares of NYSE CADE opened at $20.79 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market cap of $1.72 billion, a P/E ratio of 14.05 and a beta of 1.16. Cadence Bancorp has a 12-month low of $20.09 and a 12-month high of $31.44.

Cadence Bancorp (NYSE:CADE) last announced its earnings results on Monday, October 22nd. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.05. The company had revenue of $122.08 million during the quarter, compared to analyst estimates of $120.97 million. Cadence Bancorp had a net margin of 25.78% and a return on equity of 12.30%. Equities research analysts anticipate that Cadence Bancorp will post 2.1 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be given a dividend of $0.15 per share. The ex-dividend date is Friday, November 30th. This represents a $0.60 annualized dividend and a yield of 2.89%. Cadence Bancorp’s dividend payout ratio (DPR) is 40.54%.

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Cadence Bancorp Profile

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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Institutional Ownership by Quarter for Cadence Bancorp (NYSE:CADE)

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