Stephens lowered shares of Cadence Bancorp (NYSE:CADE) from an overweight rating to an equal weight rating in a research note published on Tuesday morning, BenzingaRatingsTable reports. They currently have $23.00 price objective on the stock.
CADE has been the topic of several other research reports. Raymond James set a C$13.50 target price on Secure Energy Services and gave the company a strong-buy rating in a research note on Tuesday, April 30th. TheStreet raised Vectrus from a c+ rating to a b rating in a research note on Monday, April 15th. Finally, Zacks Investment Research downgraded First Merchants from a hold rating to a sell rating in a research note on Monday, July 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Buy and a consensus price target of $25.11.
NYSE:CADE opened at $20.14 on Tuesday. Cadence Bancorp has a 12-month low of $16.13 and a 12-month high of $29.89. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 9.73 and a beta of 1.79. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average is $19.97.
Cadence Bancorp (NYSE:CADE) last released its quarterly earnings data on Monday, April 29th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.08. The business had revenue of $200.00 million during the quarter, compared to analyst estimates of $185.47 million. Cadence Bancorp had a return on equity of 13.06% and a net margin of 25.71%. The business’s revenue for the quarter was up 72.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.50 EPS. As a group, sell-side analysts forecast that Cadence Bancorp will post 2.36 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date was Thursday, May 30th. Cadence Bancorp’s dividend payout ratio is presently 33.82%.
In other news, insider David F. Black sold 22,500 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $21.30, for a total transaction of $479,250.00. Following the sale, the insider now directly owns 29,685 shares of the company’s stock, valued at $632,290.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 value of $1,135,198.92. Following the sale, the director now directly owns 405,450 shares in the company, valued at $9,256,423.50. The disclosure for this sale can be found here. Insiders sold a total of 81,224 shares of company stock worth $1,817,309 in the last three months. Company insiders own 3.34% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its holdings in shares of Cadence Bancorp by 17.0% during the fourth quarter. BlackRock Inc. now owns 6,811,298 shares of the company’s stock valued at $114,294,000 after buying an additional 987,754 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Cadence Bancorp by 20.8% during the first quarter. JPMorgan Chase & Co. now owns 4,445,577 shares of the company’s stock valued at $82,466,000 after buying an additional 766,561 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Cadence Bancorp by 26.5% during the first quarter. Janus Henderson Group PLC now owns 3,606,300 shares of the company’s stock valued at $66,897,000 after buying an additional 754,509 shares in the last quarter. Strs Ohio grew its holdings in shares of Cadence Bancorp by 1.8% during the first quarter. Strs Ohio now owns 3,435,297 shares of the company’s stock valued at $63,724,000 after buying an additional 59,800 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. grew its holdings in shares of Cadence Bancorp by 67.0% during the first quarter. Diamond Hill Capital Management Inc. now owns 3,230,782 shares of the company’s stock valued at $59,931,000 after buying an additional 1,296,751 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors.
Cadence Bancorp Company Profile
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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