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Cadence (CADE) Looks for Buyers, Explores Potential Sale
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Shares of Cadence Bancorp (CADE - Free Report) rose 6.4% in after-market trading yesterday after reports that the bank is considering a potential sale. According to people familiar with the matter, who asked not to be identified as the news is not yet public, the bank has been working with financial advisers to seek interest from potential buyers.
The company has not yet made any decision. In fact, Cadence has the option to remain independent.
Headquartered in Houston, TX, the company operates through 98 branches. It had total assets worth $18.7 billion as of Dec 31, 2020. Net loans amounted to $12.7 billion and total deposits were $16.1 billion.
Notably, many regional banks in the United States are undertaking restructuring initiatives, including acquisitions and divestures as part of their plan to expand amid the low interest rate environment. Moreover, given the continued concerns related to the pandemic, loan growth is expected to remain muted in the near term, which might further hurt banks’ top-line growth.
Thus, mergers and acquisitions have become increasingly popular within the banking industry.
In November 2020, PNC Financial (PNC - Free Report) agreed to acquire BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, from Banco Bilbao Vizcaya Argentaria, S.A. for $11.6 billion as part of its effort to expand presence in international markets.
In December, Huntington Bancshares Incorporated (HBAN - Free Report) entered an all-stock merger deal with Detroit-based TCF Financial Corporation . Per the terms of the deal, the combined entity will operate under the name and brand of Huntington, with two headquarters in Detroit, MI, and Columbus, OH, and maintain its operating presence in all the existing markets.
Over the past six months, shares of Cadence have rallied 107.6% compared with 59.7% growth recorded by the industry.
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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Cadence (CADE) Looks for Buyers, Explores Potential Sale
Shares of Cadence Bancorp (CADE - Free Report) rose 6.4% in after-market trading yesterday after reports that the bank is considering a potential sale. According to people familiar with the matter, who asked not to be identified as the news is not yet public, the bank has been working with financial advisers to seek interest from potential buyers.
The company has not yet made any decision. In fact, Cadence has the option to remain independent.
Headquartered in Houston, TX, the company operates through 98 branches. It had total assets worth $18.7 billion as of Dec 31, 2020. Net loans amounted to $12.7 billion and total deposits were $16.1 billion.
Notably, many regional banks in the United States are undertaking restructuring initiatives, including acquisitions and divestures as part of their plan to expand amid the low interest rate environment. Moreover, given the continued concerns related to the pandemic, loan growth is expected to remain muted in the near term, which might further hurt banks’ top-line growth.
Thus, mergers and acquisitions have become increasingly popular within the banking industry.
In November 2020, PNC Financial (PNC - Free Report) agreed to acquire BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, from Banco Bilbao Vizcaya Argentaria, S.A. for $11.6 billion as part of its effort to expand presence in international markets.
In December, Huntington Bancshares Incorporated (HBAN - Free Report) entered an all-stock merger deal with Detroit-based TCF Financial Corporation . Per the terms of the deal, the combined entity will operate under the name and brand of Huntington, with two headquarters in Detroit, MI, and Columbus, OH, and maintain its operating presence in all the existing markets.
Over the past six months, shares of Cadence have rallied 107.6% compared with 59.7% growth recorded by the industry.
Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>