Cadence Bancorp (NYSE:CADE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
According to Zacks, “Cadence BanCorporation is a regional bank holding company. It provides corporations, middle-market companies, small businesses and consumers banking and financial solutions. The company’s services and products include commercial and business banking, treasury management, specialized lending, commercial real estate, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, business and personal insurance, consumer banking, consumer loans, mortgages, home equity lines and loans and credit cards. Cadence BanCorporation is headquartered in Houston, Texas. “
A number of other brokerages have also issued reports on CADE. BidaskClub raised shares of Cadence Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, November 4th. SunTrust Banks reissued a “hold” rating and issued a $26.00 price objective on shares of Cadence Bancorp in a report on Wednesday, November 1st. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $25.00 price objective on shares of Cadence Bancorp in a report on Tuesday, October 3rd. Finally, ValuEngine lowered shares of Cadence Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, December 26th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $25.75.
In other Cadence Bancorp news, major shareholder Cadence Bancorp, Llc sold 1,425,000 shares of the stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $22.00, for a total transaction of $31,350,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its holdings in Cadence Bancorp by 14.3% in the third quarter. Bank of New York Mellon Corp now owns 27,767 shares of the company’s stock valued at $637,000 after acquiring an additional 3,476 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in Cadence Bancorp in the second quarter valued at approximately $198,000. Jane Street Group LLC acquired a new stake in Cadence Bancorp in the third quarter valued at approximately $210,000. New York State Common Retirement Fund acquired a new stake in Cadence Bancorp in the second quarter valued at approximately $203,000. Finally, Rhumbline Advisers acquired a new stake in Cadence Bancorp in the second quarter valued at approximately $207,000. 8.96% of the stock is owned by institutional investors and hedge funds.
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About Cadence Bancorp
Cadence Bancorporation is a bank holding company. The Company is focused on middle-market commercial lending, complemented by retail banking and wealth management services, and provides a broad range of banking services to businesses, individuals and business owners. It operates through three segments: Banking, Financial Services and Corporate.
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