TheStreet upgraded shares of Cadence Bancorp (NYSE:CADE) from a d+ rating to a c- rating in a report issued on Monday morning, TheStreetRatingsTable reports.
A number of other brokerages have also recently weighed in on CADE. Raymond James increased their price target on Cadence Bancorp from $24.00 to $25.00 and gave the stock a strong-buy rating in a research report on Tuesday, March 5th. Goldman Sachs Group assumed coverage on Cadence Bancorp in a report on Tuesday, March 5th. They issued a buy rating and a $23.00 price objective for the company. Zacks Investment Research raised Cadence Bancorp from a hold rating to a buy rating and set a $22.00 price objective for the company in a report on Wednesday, March 13th. Stephens reissued a buy rating and issued a $25.00 price objective on shares of Cadence Bancorp in a report on Tuesday, January 29th. Finally, SunTrust Banks decreased their price objective on 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. Two analysts have rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Cadence Bancorp currently has a consensus rating of Buy and an average price target of $25.11.
Shares of Cadence Bancorp stock opened at $20.72 on Monday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.01. The company has a market cap of $1.63 billion, a PE ratio of 10.01 and a beta of 1.47. Cadence Bancorp has a twelve month low of $16.13 and a twelve month high of $31.44.
In related news, COO Samuel M. Tortorici acquired 50,000 shares of Cadence Bancorp stock in a transaction dated Friday, March 15th. The stock was acquired at an average cost of $19.90 per share, with a total value of $995,000.00. Following the purchase, the chief operating officer now directly owns 489,988 shares in the company, valued at approximately $9,750,761.20. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Valerie Toalson acquired 4,984 shares of Cadence Bancorp stock in a transaction dated Monday, March 18th. The shares were bought at an average cost of $20.06 per share, with a total value of $99,979.04. Following the completion of the purchase, the chief financial officer now owns 63,258 shares in the company, valued at $1,268,955.48. The disclosure for this purchase can be found here. Insiders purchased a total of 55,044 shares of company stock valued at $1,096,177 over the last three months. 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. JPMorgan Chase & Co. lifted its holdings in shares of Cadence Bancorp by 58.5% in the third quarter. JPMorgan Chase & Co. now owns 3,568,721 shares of the company’s stock valued at $93,215,000 after purchasing an additional 1,316,722 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Cadence Bancorp by 71.6% in the third quarter. Bank of New York Mellon Corp now owns 330,801 shares of the company’s stock valued at $8,640,000 after purchasing an additional 138,061 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Cadence Bancorp by 28.5% in the third quarter. BlackRock Inc. now owns 5,823,544 shares of the company’s stock valued at $152,113,000 after purchasing an additional 1,290,418 shares in the last quarter. Great West Life Assurance Co. Can purchased a new stake in shares of Cadence Bancorp in the third quarter valued at $206,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Cadence Bancorp by 84.0% in the third quarter. Dimensional Fund Advisors LP now owns 575,689 shares of the company’s stock valued at $15,037,000 after purchasing an additional 262,750 shares in the last quarter.
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.
Further Reading: How do buyers and sellers choose a strike price?
Receive News & Ratings for Cadence Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.