Cadence Bancorp (NYSE:CADE) had its target price decreased by Raymond James from $35.00 to $30.00 in a research report report published on Tuesday morning. Raymond James currently has a strong-buy rating on the stock.
Other research analysts have also recently issued research reports about the stock. ValuEngine cut shares of Cadence Bancorp from a hold rating to a sell rating in a report on Friday, October 19th. Zacks Investment Research upgraded shares of Cadence Bancorp from a hold rating to a buy rating and set a $33.00 target price on the stock in a report on Thursday, July 12th. Stephens set a $34.00 target price on shares of Cadence Bancorp and gave the stock a buy rating in a report on Monday, October 22nd. Finally, Morgan Stanley started coverage on shares of Cadence Bancorp in a report on Tuesday, September 25th. They issued an equal weight rating and a $30.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $30.14.
Shares of Cadence Bancorp stock opened at $21.27 on Tuesday. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.34. Cadence Bancorp has a 52-week low of $20.34 and a 52-week high of $31.44. The company has a market capitalization of $1.76 billion, a PE ratio of 14.37 and a beta of 0.53.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.82%. The ex-dividend date is Friday, November 30th. Cadence Bancorp’s dividend payout ratio (DPR) is currently 40.54%.
In other Cadence Bancorp news, Chairman Paul B. Murphy, Jr. sold 275,000 shares of the firm’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $27.41, for a total transaction of $7,537,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William B. Harrison, Jr. acquired 23,000 shares of the stock in a transaction on Wednesday, October 24th. The shares were purchased at an average cost of $21.72 per share, with a total value of $499,560.00. Following the transaction, the director now directly owns 90,919 shares of the company’s stock, valued at approximately $1,974,760.68. The disclosure for this purchase can be found here. In the last quarter, insiders sold 401,103 shares of company stock worth $10,994,233. 0.09% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the business. Neuburgh Advisers LLC lifted its position in Cadence Bancorp by 104.7% during the second quarter. Neuburgh Advisers LLC now owns 5,568 shares of the company’s stock valued at $161,000 after buying an additional 2,848 shares during the period. SG Americas Securities LLC purchased a new position in Cadence Bancorp during the second quarter valued at $165,000. Riverhead Capital Management LLC lifted its position in Cadence Bancorp by 106.7% during the second quarter. Riverhead Capital Management LLC now owns 6,201 shares of the company’s stock valued at $179,000 after buying an additional 3,201 shares during the period. Royal Bank of Canada lifted its position in Cadence Bancorp by 609.9% during the first quarter. Royal Bank of Canada now owns 6,389 shares of the company’s stock valued at $174,000 after buying an additional 5,489 shares during the period. Finally, Macquarie Group Ltd. purchased a new position in Cadence Bancorp during the second quarter valued at $211,000. 67.70% of the stock is owned by institutional investors and hedge funds.
Cadence Bancorp Company Profile
Cadence Bancorporation operates as the bank holding company for Cadence Bank, N.A. that provides commercial banking products and services to 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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