Cadence Bancorporation (NYSE: CADE) raised to buy from Zacks Investment Research
Cadence Bancorporation (NYSE: CADE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released Friday, Zacks.com reports. The brokerage currently has a price target of $ 37.00 on the share. Zacks Investment Research’s target price indicates a potential rise of 10.71% from the current share price.
According to Zacks, “Cadence Bank provides consumers, businesses and corporations with banking and financial solutions. The Company’s services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and commercial banking, cash management, loans specialist, asset loans, commercial real estate, equipment financing, correspondent banking, SBA loans, foreign exchange, wealth management, investment and trust services, financial planning, management of pension plans and personal and commercial insurance. as BancorpSouth Bank, is headquartered in TUPELO, Mississippi. “
A number of other research companies have also published reports on CADE. Janney Montgomery Scott downgraded Cadence Bancorporation from a “neutral” rating to a “buy” rating and set a target price of $ 35.00 on the stock in a research note on Thursday, December 9. Truist assumed coverage of Cadence Bancorporation in a report released on Monday, November 1. They issued a “buy” note and a price target of $ 35 for the company. Finally, Piper Sandler downgraded Cadence Bancorporation from a “neutral” rating to an “overweight” rating and raised its target price for the company from $ 34.00 to $ 40.00 in a report released on Thursday, November 4. Four research analysts rated the stock with a conservation rating, four assigned a buy rating, and one issued a strong buy rating for the company’s shares. According to data from MarketBeat.com, Cadence Bancorporation currently has an average rating of “Buy” and a consensus target price of $ 30.75.
NYSE: CADE shares traded up $ 0.47 on Friday, reaching $ 33.42. The company had a trade volume of 1,752,073 shares, compared to an average volume of 1,408,531. Cadence Bancorporation has a one-year low of $ 27.25 and a one-year high of $ 33.62. The stock has a market cap of $ 3.63 billion, a price-to-earnings ratio of 12.11 and a beta of 1.12. The stock has a 50-day moving average price of $ 30.25 and a 200-day moving average price of $ 24.13. The company has a current ratio of 0.64, a quick ratio of 0.63 and a debt ratio of 0.11.
Cadence Bancorporation (NYSE: CADE) last released its results on Sunday, October 24. The company reported earnings per share of $ 0.67 for the quarter, beating analyst consensus estimates of $ 0.50 by $ 0.17. The company posted revenue of $ 182.48 million for the quarter, compared to $ 180.26 million expected by analysts. Cadence Bancorporation had a net margin of 26.11% and a return on equity of 11.45%. The company’s revenue was down 2.5% year-on-year. In the same quarter of the previous year, the company posted earnings per share of $ 0.40. Sell-side analysts forecast Cadence Bancorporation to post earnings per share of 2.48 for the current fiscal year.
Several institutional investors and hedge funds have recently increased or reduced their holdings in CADE. Lazard Asset Management LLC acquired a new position in Cadence Bancorporation in the second quarter for a value of approximately $ 25,000. Northwestern Mutual Wealth Management Co. acquired a new position in the shares of Cadence Bancorporation during the 2nd quarter valued at $ 42,000. KBC Groupe NV acquired a new position in Cadence Bancorporation shares during the 3rd quarter with a value of $ 78,000. Meeder Asset Management Inc. increased its stake in Cadence Bancorporation by 86.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 6,186 shares of the company valued at $ 129,000 after purchasing an additional 2,868 shares in the last quarter. Finally, Macquarie Group Ltd. strengthened its position in Cadence Bancorporation by 215.1% during the third quarter. Macquarie Group Ltd. now owns 6,043 shares of the company valued at $ 133,000 after acquiring 4,125 additional shares during the last quarter. Institutional investors and hedge funds hold 91.97% of the company’s shares.
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 commercial banking, cash management, loans, asset loans, commercial real estate, equipment financing, related banking services, SBA loans, foreign exchange, wealth management, investment and trust services, financial planning, pension management and personal insurance and commercial.
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