Fly News Breaks for October 24, 2019
Oct 24, 2019 | 08:08 EDT
JPMorgan analyst Steven Alexopoulos downgraded Cadence Bancorp to Neutral from Overweight with a price target of $16.50, down from $20. Rather than Cadence's Q3 confirming that pressure on credit quality was largely contained to the prior quarter, the results were worse than expected on several fronts, Alexopoulos tells investors in a research note. The analyst highlights the "much sharper" write-down being taken on problem loans that were previously identified and the bank's continued negative credit migration into potential problem loans. With Cadence's credit risk profile elevated while its growth profile has moderated, the stock's discount valuation will remain intact over the intermediate term, contends Alexopoulos.
News For CADE From the Last 2 Days
Jan 25, 2021 | 06:31 EST
On January 21 the board of directors of Cadence Bancorporation declared a quarterly cash dividend in the amount of 15c per share of outstanding common stock, representing an annualized dividend of 60c per share. The dividend will be paid on February 12 to holders of record of Cadence's Class A common stock on February 5.