Raymond James lowered shares of Cadence Bancorp (NYSE:CADE) from an outperform rating to a market perform rating in a research note released on Tuesday, BenzingaRatingsTable reports.
A number of other brokerages have also weighed in on CADE. Keefe, Bruyette & Woods lowered Cadence Bancorp from an outperform rating to a market perform rating and set a $18.00 price objective on the stock. in a research report on Tuesday, July 23rd. SunTrust Banks cut their price objective on Cadence Bancorp from $18.00 to $17.00 and set a hold rating on the stock in a research report on Tuesday, August 27th. Zacks Investment Research upgraded Cadence Bancorp from a strong sell rating to a hold rating in a research report on Monday, September 23rd. ValuEngine upgraded Cadence Bancorp from a sell rating to a hold rating in a research report on Wednesday, October 2nd. Finally, Goldman Sachs Group lowered Cadence Bancorp from a buy rating to a neutral rating and set a $18.00 price objective on the stock. in a research report on Monday, July 22nd. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Cadence Bancorp presently has an average rating of Hold and a consensus price target of $21.44.
CADE opened at $16.75 on Tuesday. The stock’s 50 day simple moving average is $16.64 and its 200 day simple moving average is $18.71. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.99 and a quick ratio of 0.99. Cadence Bancorp has a 1 year low of $14.66 and a 1 year high of $24.73. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of 8.09 and a beta of 1.83.
Cadence Bancorp (NYSE:CADE) last posted its quarterly earnings results on Monday, July 22nd. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.18). Cadence Bancorp had a return on equity of 11.46% and a net margin of 22.62%. The company had revenue of $192.51 million for the quarter, compared to the consensus estimate of $197.27 million. During the same quarter in the previous year, the business earned $0.57 earnings per share. Cadence Bancorp’s revenue was up 60.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cadence Bancorp will post 1.97 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a $0.175 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 4.18%. Cadence Bancorp’s dividend payout ratio is currently 33.82%.
In other news, Director William B. Harrison, Jr. bought 64,168 shares of the stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $15.53 per share, for a total transaction of $996,529.04. Following the purchase, the director now directly owns 95,899 shares in the company, valued at approximately $1,489,311.47. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director J Richard Fredericks bought 3,105 shares of the stock in a transaction dated Wednesday, July 24th. The stock was purchased at an average price of $16.10 per share, with a total value of $49,990.50. Following the purchase, the director now owns 19,764 shares in the company, valued at $318,200.40. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 99,361 shares of company stock worth $1,567,366. Corporate insiders own 3.34% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CADE. Point72 Asset Management L.P. purchased a new position in Cadence Bancorp during the second quarter valued at $50,000. DekaBank Deutsche Girozentrale purchased a new position in Cadence Bancorp during the second quarter valued at $169,000. Atria Investments LLC purchased a new position in Cadence Bancorp during the second quarter valued at $226,000. Fayez Sarofim & Co purchased a new position in Cadence Bancorp during the second quarter valued at $205,000. Finally, Advisory Services Network LLC raised its stake in Cadence Bancorp by 19,105.7% during the first quarter. Advisory Services Network LLC now owns 10,179 shares of the company’s stock valued at $189,000 after buying an additional 10,126 shares during the last quarter. Institutional investors own 92.57% of the company’s stock.
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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