Lord Abbett & CO. LLC purchased a new stake in shares of Cadence Bancorp (NYSE:CADE) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 242,573 shares of the company’s stock, valued at approximately $5,307,000. Lord Abbett & CO. LLC owned 0.29% of Cadence Bancorp as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Russell Investments Group Ltd. bought a new position in Cadence Bancorp during the second quarter valued at about $198,000. New York State Common Retirement Fund bought a new position in Cadence Bancorp during the second quarter valued at about $203,000. Rhumbline Advisers acquired a new stake in Cadence Bancorp during the second quarter valued at approximately $207,000. Nationwide Fund Advisors acquired a new stake in Cadence Bancorp during the second quarter valued at approximately $305,000. Finally, California State Teachers Retirement System acquired a new stake in Cadence Bancorp during the second quarter valued at approximately $337,000. Hedge funds and other institutional investors own 9.30% of the company’s stock.
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CADE has been the topic of a number of recent research reports. Zacks Investment Research downgraded Cadence Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, August 22nd. Stephens set a $25.00 price objective on Cadence Bancorp and gave the company a “buy” rating in a report on Thursday, July 27th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $26.00 price objective on shares of Cadence Bancorp in a report on Thursday, October 26th. BidaskClub downgraded Cadence Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, October 25th. Finally, SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $26.00 price objective on shares of Cadence Bancorp in a report on Wednesday, November 1st. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $25.75.
Shares of Cadence Bancorp (NYSE CADE) traded up $0.35 on Tuesday, hitting $22.40. The stock had a trading volume of 732,500 shares, compared to its average volume of 141,963. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.00 and a current ratio of 1.01. Cadence Bancorp has a fifty-two week low of $20.00 and a fifty-two week high of $25.49.
Cadence Bancorp Company Profile
Cadence Bancorporation is a bank holding company. The Company is focused on middle-market commercial lending, complemented by retail banking and wealth management services, and provides a broad range of banking services to businesses, individuals and business owners. It operates through three segments: Banking, Financial Services and Corporate.
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