Cadence Bancorporation (NYSE:CADE) Lifted to Buy at Zacks Investment Research

Cadence Bancorporation (NYSE:CADE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The firm presently has a $33.00 target price on the stock. Zacks Investment Research‘s price objective points to a potential upside of 10.33% from the company’s current price.

According to Zacks, “Cadence Bank provides consumers, businesses and corporations with banking and financial solutions. The company’s services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, and personal and business insurance. Cadence Bank, formerly known as BancorpSouth Bank, is based in TUPELO, Miss. “

A number of other equities research analysts have also issued reports on CADE. Janney Montgomery Scott raised Cadence Bancorporation from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Thursday, December 9th. Piper Sandler raised Cadence Bancorporation from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $34.00 to $40.00 in a research report on Thursday, November 4th. Truist assumed coverage on Cadence Bancorporation in a research report on Monday, November 1st. They set a “buy” rating and a $35.00 price target on the stock. Finally, Raymond James raised Cadence Bancorporation from an “outperform” rating to a “strong-buy” rating and set a $26.00 price target on the stock in a research report on Tuesday, August 31st. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $30.25.

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CADE traded up $0.11 during midday trading on Wednesday, reaching $29.91. 697,447 shares of the company were exchanged, compared to its average volume of 1,704,706. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.63 and a current ratio of 0.64. Cadence Bancorporation has a one year low of $27.25 and a one year high of $32.12. The stock has a market capitalization of $3.25 billion, a P/E ratio of 10.84 and a beta of 1.12. The stock’s 50-day simple moving average is $28.88 and its 200 day simple moving average is $23.68.

Cadence Bancorporation (NYSE:CADE) last released its quarterly earnings data on Sunday, October 24th. The company reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.17. Cadence Bancorporation had a return on equity of 11.45% and a net margin of 26.11%. The business had revenue of $182.48 million for the quarter, compared to analysts’ expectations of $180.26 million. During the same quarter in the previous year, the business posted $0.40 EPS. Cadence Bancorporation’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, research analysts anticipate that Cadence Bancorporation will post 2.48 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC bought a new stake in Cadence Bancorporation in the 2nd quarter valued at $25,000. Northwestern Mutual Wealth Management Co. bought a new stake in Cadence Bancorporation in the 2nd quarter valued at $42,000. KBC Group NV bought a new stake in Cadence Bancorporation in the 3rd quarter valued at $78,000. Meeder Asset Management Inc. boosted its stake in Cadence Bancorporation by 86.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 6,186 shares of the company’s stock valued at $129,000 after purchasing an additional 2,868 shares during the period. Finally, Macquarie Group Ltd. lifted its position in shares of Cadence Bancorporation by 215.1% during the 3rd quarter. Macquarie Group Ltd. now owns 6,043 shares of the company’s stock valued at $133,000 after acquiring an additional 4,125 shares during the period. Institutional investors and hedge funds own 91.97% of the company’s stock.

Cadence Bancorporation Company Profile

Provides banking services

Featured Story: Limitations of analyzing profit margin

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Analyst Recommendations for Cadence Bancorporation (NYSE:CADE)

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