Shapiro Capital Management LLC recently announced the acquisition of new stake in Cadence Bancorporation (NYSE:CADE). The institutional investor has increased its shareholding in the Financial company by 4.39% to 8.24 million shares with purchase of 0.35 million shares. This fresh investment now brings its stake to 6.54% valued currently at $64.34 million. In addition, Azora Capital LP raised its holdings by 1.99 million to 2.43 million shares. And Goldman Sachs Asset Management LP has lifted its position by 28.51% or 0.46 million shares – to 2.06 million shares.
With over 1.1 million Cadence Bancorporation (CADE) shares trading Tuesday and a closing price of $9.65 on the day, the dollar volume was approximately $10.66 million. The shares have shown a positive weekly performance of 6.87% and its price on 08/25/20 gained nearly 0.21%. Currently, there are 125.93M common shares owned by the public and among those 121.75M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for CADE have a consensus price objective of $10.78. The analysts have set the share’s price value over the next 12 months at a high of $14.00 and a low of $8.50 should the stock experience a downside. Incidentally, analysts’ outlook for the Cadence Bancorporation stock is 2.20 for the next 12 months. The average price target is 10.48% above its last price level and an upside to the estimated low will see the stock lose -13.53% over that period. But an upside of 31.07% will see the stock hit the forecast high price target while mean target price for the stock is $10.00.
Insiders at the company have transacted a total of 86 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 68 of these insider trades were purchases, accounting for 532,520 shares. Insider sales of the common stock occurred on 18 occasions, with total insider shares sold totaling 82,888 shares.
The top 3 mutual fund holders in Cadence Bancorporation are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. iShares Core S&P Small Cap ETF owns 7.62 million shares of the company’s stock, all valued at over $59.53 million. Vanguard Total Stock Market Index sold 3086.0 shares to see its total holdings shrink to 3.41 million shares valued at over $26.67 million and representing 2.71% of the shares outstanding. Vanguard Small Cap Index Fund sold 39440.0 shares to bring its total holdings to over 2.96 million shares at a value of $23.11 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.35% of the shares outstanding.
Shares of Cadence Bancorporation (NYSE: CADE) opened at $9.79, up $0.16 from a prior closing price of $9.63. However, the script later closed the day at $9.65, up 0.21%. The company’s stock has a 5-day price change of 6.87% and 11.56% over the past three months. CADE shares are trading -46.77% year to date (YTD), with the 12-month market performance down to -36.97% lower. It has a 12-month low price of $4.63 and touched a high of $18.28 over the same period. Currently, 1.1 million shares have been traded, compared to an average intraday trading volume of 1.83 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 10.09%, 13.00%, and -14.17% respectively.
Institutional ownership of Cadence Bancorporation (NYSE: CADE) shares accounts for 92.40% of the company’s 125.93M shares outstanding. Mutual fund holders own 44.82%, while other institutional holders and individual stakeholders account for 46.41% and 4.20% respectively.
It has a market capitalization of $1.25B and a beta (3y monthly) value of 1.96. The earnings-per-share (ttm) stands at -$2.86. The company has a debt-to-equity ratio at 0.13. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.52% over the week and 5.38% over the month.
Analysts forecast that Cadence Bancorporation (CADE) will achieve an EPS of $0.17 for the current quarter, $0.28 for the next quarter and $1.2 for 2021. The lowest estimate earnings-per-share for the quarter is $0.02 while analysts give the company a high EPS estimate of $0.26. Comparatively, EPS for the current quarter was $0.34 a year ago. Earnings per share for the fiscal year are expected to decrease by -20.70%, and 729.66% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate Cadence Bancorporation (CADE) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 4 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CADE, a number of firms have released research notes about the stock. Keefe Bruyette stated their Outperform rating for the stock in a research note on August 19, 2020, with the firm’s price target at $11-$13. Truist coverage for the Cadence Bancorporation (CADE) stock in a research note released on August 14, 2020 offered a Buy rating with a price target of $14. Raymond James was of a view on June 17, 2020 that the stock is Strong Buy, while Piper Jaffray gave the stock Neutral rating on October 24, 2019, issuing a price target of $20- $16.50. JP Morgan on their part issued Neutral rating on October 24, 2019.