William B. Harrison, Jr. Purchases 64,168 Shares of Cadence Bancorp (NYSE:CADE) Stock

Cadence Bancorp (NYSE:CADE) Director William B. Harrison, Jr. purchased 64,168 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average cost of $15.53 per share, with a total value of $996,529.04. Following the completion of the purchase, the director now owns 95,899 shares of the company’s stock, valued at $1,489,311.47. The acquisition was disclosed in a filing with the SEC, which is available at this link.

NYSE:CADE traded down $0.11 during trading hours on Tuesday, hitting $15.30. The stock had a trading volume of 44,265 shares, compared to its average volume of 1,998,811. Cadence Bancorp has a one year low of $15.19 and a one year high of $28.95. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.99 and a current ratio of 1.00. The stock has a market cap of $1.98 billion, a P/E ratio of 7.46 and a beta of 1.77. The firm has a 50 day moving average price of $19.04.

Cadence Bancorp (NYSE:CADE) last issued its earnings results on Monday, July 22nd. The company reported $0.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by ($0.18). Cadence Bancorp had a net margin of 22.62% and a return on equity of 12.64%. The firm had revenue of $192.51 million during the quarter, compared to the consensus estimate of $197.27 million. During the same period in the previous year, the company posted $0.57 EPS. The firm’s revenue for the quarter was up 60.3% on a year-over-year basis. As a group, sell-side analysts expect that Cadence Bancorp will post 2.02 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be paid a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 4.58%. The ex-dividend date is Thursday, August 29th. Cadence Bancorp’s payout ratio is presently 33.82%.

CADE has been the subject of a number of recent research reports. Keefe, Bruyette & Woods downgraded shares of Cadence Bancorp from an “outperform” rating to a “market perform” rating and set a $18.00 price target for the company. in a research note on Tuesday, July 23rd. SunTrust Banks dropped their price target on shares of Cadence Bancorp to $18.00 and set a “hold” rating for the company in a research note on Tuesday, July 23rd. They noted that the move was a valuation call. TheStreet raised shares of Cadence Bancorp from a “d+” rating to a “c-” rating in a research note on Monday, April 15th. Stephens reissued a “hold” rating and set a $18.00 price target on shares of Cadence Bancorp in a research note on Friday, July 26th. Finally, Goldman Sachs Group downgraded shares of Cadence Bancorp from a “buy” rating to a “neutral” rating and set a $18.00 price target for the company. in a research note on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Cadence Bancorp presently has an average rating of “Hold” and an average target price of $22.44.

Large investors have recently modified their holdings of the business. Global Retirement Partners LLC boosted its holdings in shares of Cadence Bancorp by 36.7% in the 1st quarter. Global Retirement Partners LLC now owns 1,882 shares of the company’s stock worth $35,000 after buying an additional 505 shares during the last quarter. Teton Advisors Inc. lifted its stake in shares of Cadence Bancorp by 0.7% during the 2nd quarter. Teton Advisors Inc. now owns 91,606 shares of the company’s stock worth $1,905,000 after purchasing an additional 635 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Cadence Bancorp by 2.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 52,400 shares of the company’s stock worth $1,090,000 after purchasing an additional 1,118 shares during the last quarter. Truewealth LLC purchased a new stake in shares of Cadence Bancorp during the 1st quarter worth $35,000. Finally, Legal & General Group Plc lifted its stake in shares of Cadence Bancorp by 17.2% during the 4th quarter. Legal & General Group Plc now owns 13,712 shares of the company’s stock worth $230,000 after purchasing an additional 2,011 shares during the last quarter. 91.93% of the stock is owned by hedge funds and other institutional investors.

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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