Cadence Bancorporation (NYSE: CADE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report released on Friday, Zacks.com reports.
According to Zacks, “Cadence Bank provides consumers, businesses and corporations with banking and financial solutions. The company’s services and products include personal banking, consumer loans, mortgages, lines and home equity lending, credit cards, corporate and business banking, cash management, specialty lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, pension management, and personal and commercial insurance, as BancorpSouth Bank, is headquartered in TUPELO, Miss.”
Several other brokerages have also recently weighed in on CADE. Janney Montgomery Scott upgraded Cadence Bancorporation from a “neutral” rating to a “buy” rating and set a price target of $35.00 on the stock in a Thursday, Dec. 9 report. Truist Financial began covering Cadence Bancorporation in a report on Monday, November 1. They set a “buy” rating and a price target of $35.00 on the stock. Piper Sandler upgraded Cadence Bancorporation from a “neutral” rating to an “overweight” rating and raised its price target for the stock from $34.00 to $40.00 in a Thursday, Nov. 4, report. Finally, Raymond James raised his price target on Cadence Bancorporation from $36.00 to $40.00 and gave the stock a “strong buy” rating in a research report on Thursday. Four analysts gave the stock a hold rating, three gave the company a buy rating and one gave the company a strong buy rating. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $32.50.
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Cadence Bancorporation shares were up $0.25 during Friday trading hours, hitting $30.79. The company’s shares had a trading volume of 2,198,754 shares, compared to its average volume of 1,369,592. Cadence Bancorporation has a 12-month low of $27.25 and a 12-month high of 34 $.24. The company has a fifty-day moving average of $30.82 and a 200-day moving average of $25.40. The stock has a market capitalization of $3.34 billion, a price-earnings ratio of 11.16 and a beta of 1.12. The company has a debt ratio of 0.11, a quick ratio of 0.63 and a current ratio of 0.64.
Cadence Bancorporation (NYSE:CADE) last reported quarterly results on Tuesday, January 25. The company reported ($0.22) EPS for the quarter, missing Thomson Reuters consensus estimate of $0.49 per ($0.71). Cadence Bancorporation posted a net margin of 26.11% and a return on equity of 11.45%. During the same period last year, the company posted earnings per share of $0.69. On average, sell-side analysts expect Cadence Bancorporation to post earnings per share of 2.77 for the current fiscal year.
Hedge funds and other institutional investors have recently changed their positions in the stock. Lazard Asset Management LLC acquired a new stake in Cadence Bancorporation during Q2 worth approximately $25,000. Founders Capital Management acquired a new stake in Cadence Bancorporation during Q4 worth approximately $30,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Cadence Bancorporation during Q2 valued at approximately $42,000. Signaturefd LLC increased its position in Cadence Bancorporation by 1,920.4% during the 4th quarter. Signaturefd LLC now owns 1,980 shares of the company worth $59,000 after acquiring an additional 1,882 shares during the period. Finally, KBC Group NV acquired a new stake in Cadence Bancorporation during the 3rd quarter for a value of approximately $78,000. 68.67% of the shares are held by hedge funds and other institutional investors.
About Cadence Bancorporation
Cadence Bank provides banking and financial solutions to consumers, businesses and corporations. Its services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, cash, lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, pension plan management pension and personal and business insurance.
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