Bank of New York Mellon Corp acquired a new position in Cadence Bancorp (NYSE:CADE) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 24,291 shares of the company’s stock, valued at approximately $531,000.
A number of other large investors have also recently made changes to their positions in CADE. Russell Investments Group Ltd. purchased a new stake in shares of Cadence Bancorp during the 2nd quarter valued at $198,000. Rhumbline Advisers acquired a new position in shares of Cadence Bancorp in the 2nd quarter valued at $207,000. Schwab Charles Investment Management Inc. acquired a new position in shares of Cadence Bancorp in the 2nd quarter valued at $368,000. Emerald Advisers Inc. PA acquired a new position in shares of Cadence Bancorp in the 2nd quarter valued at $1,458,000. Finally, Emerald Mutual Fund Advisers Trust acquired a new position in shares of Cadence Bancorp in the 2nd quarter valued at $6,602,000. 9.30% of the stock is currently owned by institutional investors.
Several equities analysts recently issued reports on CADE shares. Zacks Investment Research raised Cadence Bancorp from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a research report on Wednesday, September 27th. SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $26.00 price target on shares of Cadence Bancorp in a research report on Wednesday, November 1st. BidaskClub upgraded Cadence Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, November 4th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $26.00 target price on shares of Cadence Bancorp in a research report on Thursday, October 26th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $25.75.
In other news, major shareholder Cadence Bancorp, Llc sold 9,500,000 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $22.00, for a total value of $209,000,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Shares of Cadence Bancorp (CADE) traded up $0.35 on Tuesday, reaching $22.40. 732,500 shares of the company were exchanged, compared to its average volume of 141,963. Cadence Bancorp has a 52-week low of $20.00 and a 52-week high of $25.49. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.01 and a quick ratio of 1.00.
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Cadence Bancorp 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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