Cadence Bancorp (CADE) Raised 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 research report released on Wednesday morning. The brokerage currently has $22.00 target price 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. “
CADE has been the topic of several other reports. Raymond James upped their price objective on shares of Cadence Bancorp from $24.00 to $25.00 and gave the stock a strong-buy rating in a research note on Tuesday, March 5th. Morgan Stanley decreased their price objective on shares of Cadence Bancorp from $28.00 to $26.00 and set an equal weight rating on the stock in a research note on Tuesday, December 11th. Stephens set a $23.00 price objective on shares of Cadence Bancorp and gave the stock a buy cade rating in a research note on Monday, December 24th. TheStreet cut shares of Cadence Bancorp from a c- rating to a d+ rating in a research note on Monday, January 14th. Finally, Robert W. Baird decreased their price objective on shares of Cadence Bancorp from $32.00 to $28.00 and set an outperform rating on the stock in a research note on Thursday, December 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $25.90.
Cadence Bancorp (NYSE:CADE) last issued its quarterly earnings data on Monday, January 28th. The company reported $0.50 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.04). The firm had revenue of $124.15 million for the quarter, compared to the consensus estimate of $123.44 million. Cadence Bancorp had a return on equity of 12.68% and a net margin of 27.38%. Cadence Bancorp’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.43 earnings per share. As a group, equities analysts anticipate that Cadence Bancorp will post 2.17 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a dividend of $0.175 per share. This is a boost from Cadence Bancorp’s previous quarterly dividend of $0.15. This represents a $0.70 annualized dividend and a dividend yield of 3.55%. The ex-dividend date of this dividend was Thursday, February 28th. Cadence Bancorp’s dividend payout ratio is 33.82%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Great West Life Assurance Co. Can grew its stake in shares of Cadence Bancorp by 7.5% during the fourth quarter. Great West Life Assurance Co. Can now owns 8,449 shares of the company’s stock valued at $137,000 after purchasing an additional 588 shares during the last quarter. Federated Investors Inc. PA grew its stake in shares of Cadence Bancorp by 0.6% during the third quarter. Federated Investors Inc. PA now owns 147,447 shares of the company’s stock valued at $3,852,000 after purchasing an additional 926 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of Cadence Bancorp by 4.8% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 23,740 shares of the company’s stock valued at $398,000 after purchasing an additional 1,086 shares during the last quarter. Bowling Portfolio Management LLC grew its stake in shares of Cadence Bancorp by 3.6% during the fourth quarter. Bowling Portfolio Management LLC now owns 35,260 shares of the company’s stock valued at $592,000 after purchasing an additional 1,224 shares during the last quarter. Finally, Bank of Montreal Can grew its stake in shares of Cadence Bancorp by 205.4% during the fourth quarter. Bank of Montreal Can now owns 2,559 shares of the company’s stock valued at $43,000 after purchasing an additional 1,721 shares during the last quarter.
Cadence Bancorp Company Profile
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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