State Board of Administration of Florida Retirement System Invests $1.73 Million in Cadence Bancorp (CADE) Stock
State Board of Administration of Florida Retirement System purchased a new stake in shares of Cadence Bancorp (NYSE:CADE) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 59,921 shares of the company’s stock, valued at approximately $1,730,000. State Board of Administration of Florida Retirement System owned 0.07% of Cadence Bancorp as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Wells Fargo & Company MN grew its holdings in shares of Cadence Bancorp by 30.2% during the fourth quarter. Wells Fargo & Company MN now owns 14,717 shares of the company’s stock worth $399,000 after buying an additional 3,410 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Cadence Bancorp by 85.6% during the first quarter. Rhumbline Advisers now owns 28,226 shares of the company’s stock worth $769,000 after buying an additional 13,020 shares in the last quarter. Trexquant Investment LP bought a new position in shares of Cadence Bancorp during the first quarter worth about $611,000. Boston Partners bought a new position in shares of Cadence Bancorp during the first quarter worth about $21,415,000. Finally, Victory Capital Management Inc. bought a new position in shares of Cadence Bancorp during the first quarter worth about $278,000. Institutional investors own 67.70% of the company’s stock.
CADE stock opened at $28.07 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 15.60 and a beta of 0.39. Cadence Bancorp has a twelve month low of $20.39 and a twelve month high of $31.44.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Tuesday, September 4th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.14%. This is an increase from Cadence Bancorp’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, August 31st. Cadence Bancorp’s dividend payout ratio (DPR) is currently 33.78%.
A number of research analysts recently issued reports on CADE shares. Stephens reiterated a “buy” rating and set a $35.00 price objective on shares of Cadence Bancorp in a report on Thursday, May 24th. Raymond James upgraded Cadence Bancorp from an “outperform” rating to a “strong-buy” rating in a report on Friday, June 15th. ValuEngine downgraded Cadence Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, July 31st. Finally, Zacks Investment Research downgraded Cadence Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 27th. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Cadence Bancorp currently has a consensus rating of “Buy” and a consensus target price of $30.57.
About Cadence Bancorp
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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