Cadence Bancorp (CADE) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Cadence Bancorp (NYSE:CADE) from a hold rating to a buy rating in a report released on Monday morning. The brokerage currently has $31.00 price target on the stock.
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. “
A number of other research analysts also recently commented on the stock. SunTrust Banks reaffirmed a hold rating and set a $26.00 price objective on shares of Cadence Bancorp in a research note on Wednesday, November 1st. BidaskClub upgraded Cadence Bancorp from a hold rating to a buy rating in a report on Saturday, November 4th. ValuEngine cut Cadence Bancorp from a buy rating to a hold rating in a report on Tuesday, December 26th. Finally, Keefe, Bruyette & Woods reiterated a hold rating and set a $26.00 target price on shares of Cadence Bancorp in a report on Thursday, October 26th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Cadence Bancorp presently has a consensus rating of Buy and a consensus price target of $26.50.
In other news, major shareholder Cadence Bancorp, Llc sold 1,425,000 shares of the business’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $22.00, for a total transaction of $31,350,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp purchased a new position in Cadence Bancorp in the 2nd quarter worth approximately $531,000. TimesSquare Capital Management LLC purchased a new position in Cadence Bancorp in the 2nd quarter worth approximately $22,211,000. California Public Employees Retirement System purchased a new position in Cadence Bancorp in the 2nd quarter worth approximately $1,094,000. Lord Abbett & CO. LLC purchased a new position in Cadence Bancorp in the 2nd quarter worth approximately $5,307,000. Finally, Mutual of America Capital Management LLC purchased a new position in Cadence Bancorp in the 3rd quarter worth approximately $1,063,000. Hedge funds and other institutional investors own 8.96% of the company’s stock.
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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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