Cadence Bancorp (NYSE:CADE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage presently has a $22.00 price target on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.56% from the stock’s current price.
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. “
A number of other research analysts have also recently issued reports on the stock. TheStreet cut shares of Cadence Bancorp from a “c-” rating to a “d+” rating in a report on Monday, January 14th. SunTrust Banks dropped their target price on shares of Cadence Bancorp to $18.00 and set a “hold” rating for the company in a report on Friday, January 4th. They noted that the move was a valuation call. Stephens reaffirmed a “buy” rating and issued a $25.00 target price on shares of Cadence Bancorp in a report on Tuesday, January 29th. Goldman Sachs Group started coverage on shares of Cadence Bancorp in a report on Tuesday, March 5th. They issued a “buy” rating and a $23.00 target price for the company. Finally, ValuEngine cut shares of Cadence Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, November 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $25.90.
Cadence Bancorp (NYSE:CADE) last issued its earnings results on Monday, January 28th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.04). Cadence Bancorp had a net margin of 27.38% and a return on equity of 12.68%. The company had revenue of $124.15 million during the quarter, compared to analysts’ expectations of $123.44 million. During the same period last year, the business posted $0.43 earnings per share. The company’s quarterly revenue was up 9.3% on a year-over-year basis. As a group, sell-side analysts predict that Cadence Bancorp will post 2.17 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the company. Caz Investments LP acquired a new stake in shares of Cadence Bancorp in the fourth quarter valued at approximately $34,000. Bank of Montreal Can boosted its position in Cadence Bancorp by 205.4% during the fourth quarter. Bank of Montreal Can now owns 2,559 shares of the company’s stock worth $43,000 after acquiring an additional 1,721 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Cadence Bancorp by 71.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,075 shares of the company’s stock worth $85,000 after acquiring an additional 2,114 shares during the last quarter. NumerixS Investment Technologies Inc boosted its position in Cadence Bancorp by 1,966.7% during the fourth quarter. NumerixS Investment Technologies Inc now owns 6,200 shares of the company’s stock worth $105,000 after acquiring an additional 5,900 shares during the last quarter. Finally, Great West Life Assurance Co. Can acquired a new stake in Cadence Bancorp during the third quarter worth approximately $206,000.
About Cadence Bancorp
Cadence Bancorporation operates as the bank holding company for Cadence Bank, N.A. that provides commercial banking products and services to 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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