Cadence Bancorp (NYSE:CADE) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Cadence Bancorp (NYSE:CADE) from a sell rating to a hold rating in a report issued on Tuesday morning, Zacks.com reports. 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. […]

Zacks Investment Research upgraded shares of Cadence Bancorp (NYSE:CADE) from a sell rating to a hold rating in a report issued on Tuesday morning, Zacks.com reports.

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. “

Other equities analysts also recently issued reports about the stock. Morgan Stanley upped their target price on shares of Cadence Bancorp from $6.50 to $9.00 and gave the stock an equal weight rating in a research note on Monday, June 8th. Keefe, Bruyette & Woods raised Cadence Bancorp from a market perform rating to an outperform rating and increased their price objective for the stock from $11.00 to $13.00 in a research note on Tuesday, August 18th. Royal Bank of Canada reaffirmed a buy rating and set a $10.00 target price on shares of Cadence Bancorp in a research report on Thursday, July 9th. Truist upgraded Cadence Bancorp from a hold rating to a buy rating and upped their target price for the stock from $9.00 to $14.00 in a report on Friday, August 14th. Finally, Piper Sandler cut their price target on Cadence Bancorp from $10.00 to $9.00 and set a neutral rating on the stock in a research note on Thursday, July 23rd. Seven investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $13.70.

Shares of Cadence Bancorp stock opened at $8.07 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.18. The stock’s fifty day moving average is $9.14 and its two-hundred day moving average is $7.90. Cadence Bancorp has a 52 week low of $4.63 and a 52 week high of $18.24. The company has a market capitalization of $1.02 billion, a PE ratio of -2.82 and a beta of 1.98.

Cadence Bancorp (NYSE:CADE) last issued its earnings results on Wednesday, July 22nd. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.57). The company had revenue of $184.66 million for the quarter, compared to analysts’ expectations of $188.02 million. Cadence Bancorp had a negative net margin of 38.95% and a positive return on equity of 2.26%. As a group, research analysts anticipate that Cadence Bancorp will post 0.16 earnings per share for the current year.

In other news, CEO Paul B. Murphy, Jr. acquired 15,000 shares of Cadence Bancorp stock in a transaction that occurred on Monday, July 27th. The stock was purchased at an average price of $8.15 per share, for a total transaction of $122,250.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director J Richard Fredericks bought 3,477 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were purchased at an average cost of $8.99 per share, with a total value of $31,258.23. Following the transaction, the director now directly owns 34,475 shares of the company’s stock, valued at $309,930.25. The disclosure for this purchase can be found here. Over the last three months, insiders bought 23,477 shares of company stock valued at $193,908. Corporate insiders own 3.03% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CADE. Guggenheim Capital LLC lifted its holdings in shares of Cadence Bancorp by 6.5% during the 1st quarter. Guggenheim Capital LLC now owns 23,554 shares of the company’s stock valued at $155,000 after purchasing an additional 1,437 shares during the last quarter. US Bancorp DE increased its position in Cadence Bancorp by 94.6% during the 2nd quarter. US Bancorp DE now owns 3,157 shares of the company’s stock valued at $28,000 after buying an additional 1,535 shares in the last quarter. California State Teachers Retirement System raised its stake in Cadence Bancorp by 0.9% in the second quarter. California State Teachers Retirement System now owns 191,305 shares of the company’s stock valued at $1,695,000 after buying an additional 1,615 shares during the last quarter. Swiss National Bank boosted its holdings in Cadence Bancorp by 0.8% in the first quarter. Swiss National Bank now owns 248,305 shares of the company’s stock worth $1,626,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Cadence Bancorp by 21.0% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,004 shares of the company’s stock worth $79,000 after acquiring an additional 2,083 shares during the last quarter. 90.41% of the stock is currently owned by institutional investors and hedge funds.

About Cadence Bancorp

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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