Cadence Bancorp (NYSE:CADE)‘s stock had its “hold” rating reaffirmed by equities researchers at Stephens in a research report issued on Friday, AnalystRatings.com reports. They currently have a $18.00 price target on the stock. Stephens’ target price points to a potential upside of 6.01% from the company’s current price.
The analysts wrote, “We thought trends in the quarter were solid as core loan growth was well ahead of our estimates, deposit cost & NIB funding trends were better- than-anticipated, fee income beat estimates (even incl. MSR valuation) and, importantly, credit quality metrics remained sound. The Company put a line in the sand around near-term M&A with its release, noting a 4-6 quarter pause on M&A. We expect focus on the 9:00 CT call to be on the trajectory on the NIM, growth outlook, and status of the LION acquisition (closed 7/1). We have on OW rating. KEY POINTS: Positives. Core NIM of 3.80% was ahead of our estimate for 3.78% as funding costs increased just 4 bps (vs. our +7 bps), largely due to strong NIB deposit growth (+7.0% q/q on average). Following several quarters of muted and disappointing growth trends, EOP core loan growth was an impressive 28% LQA, beating our estimate for 6.4%.””
Other research analysts have also issued reports about the stock. Keefe, Bruyette & Woods lowered shares of Zions Bancorporation NA from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $53.00 to $47.00 in a research report on Tuesday, July 23rd. Raymond James set a C$13.50 target price on shares of Secure Energy Services and gave the stock a “strong-buy” rating in a research report on Tuesday, April 30th. TheStreet upgraded shares of Vectrus from a “c+” rating to a “b” rating in a research report on Monday, April 15th. Zacks Investment Research lowered shares of First Merchants from a “hold” rating to a “sell” rating in a research report on Monday, July 1st. Finally, Goldman Sachs Group lowered shares of Cadence Bancorp from a “buy” rating to a “neutral” rating and set a $18.00 target price for the company. in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $22.44.
CADE opened at $16.98 on Friday. The firm’s fifty day moving average price is $19.67. The stock has a market cap of $2.13 billion, a price-to-earnings ratio of 8.20 and a beta of 1.79. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.00 and a quick ratio of 0.99. Cadence Bancorp has a one year low of $15.55 and a one year high of $28.95.
Cadence Bancorp (NYSE:CADE) last released its quarterly earnings results on Monday, July 22nd. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.18). The firm had revenue of $192.51 million for the quarter, compared to analysts’ expectations of $197.27 million. Cadence Bancorp had a net margin of 22.62% and a return on equity of 12.64%. The firm’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 earnings per share. Research analysts forecast that Cadence Bancorp will post 2.09 earnings per share for the current year.
In other Cadence Bancorp news, Director J Richard Fredericks purchased 3,105 shares of the stock in a transaction on Wednesday, July 24th. The stock was acquired at an average cost of $16.10 per share, with a total value of $49,990.50. Following the completion of the purchase, the director now directly owns 19,764 shares of the company’s stock, valued at approximately $318,200.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph W. Evans sold 49,724 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $22.83, for a total transaction of $1,135,198.92. Following the completion of the sale, the director now directly owns 405,450 shares of the company’s stock, valued at $9,256,423.50. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 18,893 shares of company stock valued at $316,424 and sold 81,224 shares valued at $1,817,309. 3.34% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of CADE. Truewealth LLC bought a new stake in Cadence Bancorp in the first quarter worth $35,000. Global Retirement Partners LLC lifted its stake in Cadence Bancorp by 36.7% in the first quarter. Global Retirement Partners LLC now owns 1,882 shares of the company’s stock worth $35,000 after purchasing an additional 505 shares during the last quarter. Toronto Dominion Bank bought a new stake in Cadence Bancorp in the first quarter worth $75,000. Huntington National Bank lifted its stake in Cadence Bancorp by 178.7% in the first quarter. Huntington National Bank now owns 4,412 shares of the company’s stock worth $82,000 after purchasing an additional 2,829 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cadence Bancorp by 40.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,134 shares of the company’s stock valued at $132,000 after acquiring an additional 2,059 shares during the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.
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.
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