Cadence Bancorp (CADE) Downgraded by Zacks Investment Research
Zacks Investment Research lowered shares of Cadence Bancorp (NYSE:CADE) from a buy rating to a hold rating in a report issued on Monday.
According to Zacks, “Cadence BanCorporation is a regional bank holding company. It provides corporations, middle-market companies, small businesses and consumers banking and financial solutions. The company’s services and products include commercial and business banking, treasury management, specialized lending, commercial real estate, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, business and personal insurance, consumer banking, consumer loans, mortgages, home equity lines and loans and credit cards. Cadence BanCorporation is headquartered in Houston, Texas. “
Several other equities analysts have also recently issued reports on the company. BidaskClub raised Cadence Bancorp from a hold rating to a buy rating in a report on Saturday, September 30th. Royal Bank Of Canada began coverage on Cadence Bancorp in a report on Wednesday, September 6th. They set an outperform rating and a $25.00 price objective for the company. Stephens set a $25.00 price objective on Cadence Bancorp and gave the stock a buy rating in a report on Thursday, July 27th. Finally, Keefe, Bruyette & Woods reaffirmed a hold rating and set a $25.00 price objective on shares of Cadence Bancorp in a report on Friday, July 14th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has an average rating of Buy and a consensus price target of $25.25.
Shares of Cadence Bancorp (CADE) traded down 0.04% during mid-day trading on Monday, hitting $22.37. The company had a trading volume of 4,675 shares. The firm has a 50-day moving average price of $21.58 and a 200 day moving average price of $22.09. The firm has a market capitalization of $1.87 billion and a P/E ratio of 19.04. Cadence Bancorp has a 12 month low of $20.00 and a 12 month high of $23.71.
Cadence Bancorp (NYSE:CADE) last issued its quarterly earnings data on Wednesday, July 26th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.03. The firm had revenue of $105.37 million for the quarter, compared to analyst estimates of $103.21 million.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. acquired a new position in shares of Cadence Bancorp in the second quarter worth $198,000. New York State Common Retirement Fund acquired a new position in shares of Cadence Bancorp in the second quarter worth $203,000. Rhumbline Advisers acquired a new position in shares of Cadence Bancorp in the second quarter worth $207,000. Nationwide Fund Advisors acquired a new position in shares of Cadence Bancorp in the second quarter worth $305,000. Finally, California State Teachers Retirement System acquired a new position in shares of Cadence Bancorp in the second quarter worth $337,000. 9.03% of the stock is owned by institutional investors.
About Cadence Bancorp
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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