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Fly News Breaks for January 4, 2019
Jan 4, 2019 | 09:25 EDT
SunTrust analyst Jennifer Demba lowered her price target on Cadence Bancorp (CADE) to $18 and kept her Hold rating after the completed State Bank Financial acquisition (STBZ) on January 2nd. The analyst also attributes the price target revision to lower industry valuation levels, adding that the discount on the shares is appropriate based on its lower loan and deposit mix. Demba notes that the bank trades at 7.3-times forward earnings vs. the regional bank per median of 9.7-times.
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