Cadence Bancorporation (NYSE:CADE) Sets New 1-Year High at $19.94
Cadence Bancorporation (NYSE:CADE) reached a new 52-week high on Tuesday . The company traded as high as $19.94 and last traded at $19.87, with a volume of 830 shares. The stock had previously closed at $19.69.
CADE has been the subject of a number of analyst reports. Piper Sandler upped their price target on Cadence Bancorporation from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Wednesday, September 30th. Morgan Stanley upped their target price on Cadence Bancorporation from $17.00 to $18.50 and gave the company an “equal weight” rating in a report on Thursday, January 7th. Zacks Investment Research cut Cadence Bancorporation from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 18th. BidaskClub upgraded Cadence Bancorporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, January 7th. Finally, Raymond James raised their target price on Cadence Bancorporation from $14.00 to $18.00 and gave the company a “strong-buy” rating in a report on Monday, November 23rd. Four analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $13.79.
The company has a 50-day moving average price of $16.04 and a two-hundred day moving average price of $11.38. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market cap of $2.57 billion, a PE ratio of -7.26 and a beta of 1.91.
In other news, Director Joseph W. Evans purchased 4,000 shares of the firm’s stock in a transaction on Friday, October 23rd. The stock was purchased at an average cost of $12.11 per share, with a total value of $48,440.00. Following the purchase, the director now owns 404,229 shares in the company, valued at approximately $4,895,213.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director J Thomas Wiley, Jr. sold 20,000 shares of the stock in a transaction on Monday, November 23rd. The shares were sold at an average price of $14.52, for a total value of $290,400.00. 3.03% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sheets Smith Wealth Management acquired a new position in Cadence Bancorporation during the fourth quarter worth $168,000. Paloma Partners Management Co acquired a new stake in shares of Cadence Bancorporation in the third quarter valued at about $274,000. Voloridge Investment Management LLC grew its position in Cadence Bancorporation by 26.5% during the third quarter. Voloridge Investment Management LLC now owns 123,586 shares of the company’s stock worth $1,062,000 after buying an additional 25,890 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its stake in Cadence Bancorporation by 135.3% during the third quarter. Schonfeld Strategic Advisors LLC now owns 181,900 shares of the company’s stock worth $1,563,000 after purchasing an additional 104,596 shares during the period. Finally, Cubist Systematic Strategies LLC lifted its stake in Cadence Bancorporation by 287.3% during the third quarter. Cubist Systematic Strategies LLC now owns 181,969 shares of the company’s stock worth $1,563,000 after purchasing an additional 134,981 shares during the period. 90.13% of the stock is owned by institutional investors and hedge funds.
About Cadence Bancorporation (NYSE:CADE)
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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