Cadence Bancorp (CADE) Short Interest Up 48.3% in March

Cadence Bancorp (NYSE:CADE) saw a large increase in short interest in March. As of March 29th, there was short interest totalling 4,267,888 shares, an increase of 48.3% from the March 15th total of 2,877,868 shares. Based on an average daily trading volume, of 1,689,522 shares, the short-interest ratio is currently 2.5 days. Approximately 3.4% of the company’s stock are sold short.

In related news, CFO Valerie Toalson acquired 4,984 shares of Cadence Bancorp stock in a transaction that occurred on Monday, March 18th. The stock was bought at an average price of $20.06 per share, with a total value of $99,979.04. Following the transaction, the chief financial officer now directly owns 63,258 shares in the company, valued at $1,268,955.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Samuel M. Tortorici acquired 50,000 shares of Cadence Bancorp stock in a transaction that occurred on Friday, March 15th. The shares were bought at an average cost of $19.90 per share, with a total value of $995,000.00. Following the transaction, the chief operating officer now owns 489,988 shares in the company, valued at $9,750,761.20. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 55,044 shares of company stock valued at $1,096,177. 3.34% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Asset Advisors Investment Management LLC purchased a new stake in Cadence Bancorp during the 1st quarter valued at $297,000. Quantitative Systematic Strategies LLC boosted its stake in shares of Cadence Bancorp by 16.4% in the 1st quarter. Quantitative Systematic Strategies LLC now owns 64,803 shares of the company’s stock worth $1,202,000 after buying an additional 9,125 shares during the last quarter. First Manhattan Co. purchased a new position in shares of Cadence Bancorp in the 1st quarter worth $278,000. Peregrine Capital Management LLC boosted its stake in shares of Cadence Bancorp by 20.4% in the 1st quarter. Peregrine Capital Management LLC now owns 479,246 shares of the company’s stock worth $8,890,000 after buying an additional 81,321 shares during the last quarter. Finally, Capital Investment Advisors LLC purchased a new position in shares of Cadence Bancorp in the 1st quarter worth $279,000.

A number of research analysts recently weighed in on the company. TheStreet lowered Cadence Bancorp from a “c-” rating to a “d+” rating in a research report on Monday, January 14th. Raymond James raised their price objective on Cadence Bancorp from $24.00 to $25.00 and gave the company a “strong-buy” rating in a research report on Tuesday, March 5th. Zacks Investment Research raised Cadence Bancorp from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Wednesday, March 13th. Stephens set a $23.00 price objective on Cadence Bancorp and gave the company a “buy” rating in a research report on Wednesday, January 2nd. Finally, Goldman Sachs Group initiated coverage on Cadence Bancorp in a research note on Tuesday, March 5th. They set a “buy” rating and a $23.00 target price on the stock. Two analysts have rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Cadence Bancorp has a consensus rating of “Buy” and an average price target of $25.11.

Shares of CADE opened at $20.48 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. Cadence Bancorp has a 12 month low of $16.13 and a 12 month high of $31.44. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 9.89 and a beta of 1.47.

Cadence Bancorp (NYSE:CADE) last issued its earnings results on Monday, January 28th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.04). Cadence Bancorp had a net margin of 27.38% and a return on equity of 12.68%. The business had revenue of $124.15 million for the quarter, compared to analysts’ expectations of $123.44 million. During the same quarter in the prior year, the business posted $0.43 earnings per share. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. On average, equities research analysts expect that Cadence Bancorp will post 2.17 earnings per share for the current year.

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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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