Morgan Stanley Initiates Coverage on Cadence Bancorp (CADE)

Investment analysts at Morgan Stanley initiated coverage on shares of Cadence Bancorp (NYSE:CADE) in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage set an “equal weight” rating and a $30.00 price target on the stock. Morgan Stanley’s price objective would indicate a potential upside of 14.94% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Cadence Bancorp from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research report on Thursday, July 12th. ValuEngine downgraded shares of Cadence Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, July 31st. Finally, Raymond James cut their price objective on shares of Cadence Bancorp from $36.00 to $35.00 and set a “strong-buy” rating for the company in a research report on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $31.29.

Shares of NYSE:CADE opened at $26.10 on Tuesday. Cadence Bancorp has a 52-week low of $21.81 and a 52-week high of $31.44. The stock has a market capitalization of $2.22 billion, a P/E ratio of 17.64 and a beta of 0.44. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.03 and a quick ratio of 1.02.

Cadence Bancorp (NYSE:CADE) last issued its earnings results on Monday, July 23rd. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.08. The business had revenue of $120.10 million during the quarter, compared to the consensus estimate of $119.49 million. Cadence Bancorp had a net margin of 24.49% and a return on equity of 11.24%. Cadence Bancorp’s revenue was up 13.9% on a year-over-year basis. During the same period last year, the business posted $0.35 EPS. sell-side analysts expect that Cadence Bancorp will post 2 EPS for the current year.

In other news, President Samuel M. Tortorici sold 100,943 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $27.41, for a total transaction of $2,766,847.63. Following the transaction, the president now directly owns 18,659 shares of the company’s stock, valued at $511,443.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Valerie Toalson sold 25,160 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $27.41, for a total transaction of $689,635.60. Following the transaction, the insider now directly owns 11,608 shares in the company, valued at $318,175.28. The disclosure for this sale can be found here. Insiders have sold 401,103 shares of company stock worth $10,994,233 over the last ninety days. Insiders own 0.09% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its stake in Cadence Bancorp by 54.4% in the second quarter. BlackRock Inc. now owns 4,533,126 shares of the company’s stock valued at $130,871,000 after acquiring an additional 1,597,388 shares during the last quarter. Earnest Partners LLC increased its stake in Cadence Bancorp by 0.4% in the second quarter. Earnest Partners LLC now owns 2,693,062 shares of the company’s stock valued at $77,749,000 after acquiring an additional 10,316 shares during the last quarter. FMR LLC increased its stake in Cadence Bancorp by 1,022.2% in the second quarter. FMR LLC now owns 2,392,476 shares of the company’s stock valued at $69,071,000 after acquiring an additional 2,179,276 shares during the last quarter. Millennium Management LLC increased its stake in Cadence Bancorp by 17.6% in the second quarter. Millennium Management LLC now owns 2,222,567 shares of the company’s stock valued at $64,166,000 after acquiring an additional 332,271 shares during the last quarter. Finally, Citadel Advisors LLC increased its stake in Cadence Bancorp by 6,928.7% in the second quarter. Citadel Advisors LLC now owns 2,084,698 shares of the company’s stock valued at $60,185,000 after acquiring an additional 2,055,038 shares during the last quarter. 67.69% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Cadence Bancorp (NYSE:CADE)

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