Cadence Bancorp (CADE) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Cadence Bancorp (NYSE:CADE) have been given an average recommendation of “Buy” by the eleven brokerages that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, two have given a hold recommendation, five have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $25.63.

CADE has been the subject of several research reports. Zacks Investment Research cut shares of Cadence Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. Raymond James lifted their price objective on shares of Cadence Bancorp from $24.00 to $25.00 and gave the company a “strong-buy” rating in a research note on Tuesday, March 5th. Stephens set a $23.00 price objective on shares of Cadence Bancorp and gave the company a “buy cade” rating in a research note on Monday, December 24th. Robert W. Baird decreased their price objective on shares of Cadence Bancorp from $32.00 to $28.00 and set an “outperform” rating for the company in a research note on Thursday, December 13th. Finally, TheStreet cut shares of Cadence Bancorp from a “c-” rating to a “d+” rating in a research note on Monday, January 14th.

In related news, COO Samuel M. Tortorici purchased 50,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was bought at an average price of $19.90 per share, with a total value of $995,000.00. Following the acquisition, the chief operating officer now owns 489,988 shares in the company, valued at $9,750,761.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Valerie Toalson purchased 4,984 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was bought at an average cost of $20.06 per share, with a total value of $99,979.04. Following the acquisition, the chief financial officer now owns 63,258 shares in the company, valued at approximately $1,268,955.48. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 55,044 shares of company stock valued at $1,096,177. Company insiders own 3.34% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc increased its holdings in Cadence Bancorp by 81.9% in the 3rd quarter. Vanguard Group Inc now owns 7,840,936 shares of the company’s stock worth $204,805,000 after acquiring an additional 3,529,226 shares in the last quarter. Vanguard Group Inc. increased its holdings in Cadence Bancorp by 81.9% in the 3rd quarter. Vanguard Group Inc. now owns 7,840,936 shares of the company’s stock worth $204,805,000 after acquiring an additional 3,529,226 shares in the last quarter. BlackRock Inc. increased its holdings in Cadence Bancorp by 17.0% in the 4th quarter. BlackRock Inc. now owns 6,811,298 shares of the company’s stock worth $114,294,000 after acquiring an additional 987,754 shares in the last quarter. FMR LLC increased its holdings in Cadence Bancorp by 56.9% in the 3rd quarter. FMR LLC now owns 3,754,761 shares of the company’s stock worth $98,074,000 after acquiring an additional 1,362,285 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Cadence Bancorp by 58.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,568,721 shares of the company’s stock worth $93,215,000 after acquiring an additional 1,316,722 shares in the last quarter.

NYSE:CADE traded up $0.18 during trading hours on Thursday, hitting $20.00. 25,902 shares of the company were exchanged, compared to its average volume of 1,708,309. The company has a market cap of $1.60 billion, a PE ratio of 9.66 and a beta of 1.47. Cadence Bancorp has a 52-week low of $16.13 and a 52-week high of $31.44. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33.

Cadence Bancorp (NYSE:CADE) last released its earnings results on Monday, January 28th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.04). Cadence Bancorp had a return on equity of 12.68% and a net margin of 27.38%. The company had revenue of $124.15 million for the quarter, compared to analysts’ expectations of $123.44 million. During the same period in the prior year, the firm posted $0.43 EPS. The firm’s revenue for the quarter was up 9.3% on a year-over-year basis. As a group, analysts expect that Cadence Bancorp will post 2.17 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a $0.175 dividend. This is a boost from Cadence Bancorp’s previous quarterly dividend of $0.15. This represents a $0.70 annualized dividend and a dividend yield of 3.50%. The ex-dividend date of this dividend was Thursday, February 28th. Cadence Bancorp’s payout ratio is currently 33.82%.

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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Analyst Recommendations for Cadence Bancorp (NYSE:CADE)

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