Are You Looking for a Top Momentum Pick? Why Cadence (CADE) is a Great Choice
While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at Cadence (CADE), which currently has a Momentum Style Score of A. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Cadence currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of A or B outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
In order to see if CADE is a promising momentum pick, let's examine some Momentum Style elements to see if this bank holds up.
A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.
For CADE, shares are up 7.87% over the past week while the Zacks Banks - Southeast industry is up 4.73% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 13.15% compares favorably with the industry's 5.65% performance as well.
While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Shares of Cadence have increased 26.14% over the past quarter, and have gained 23.01% in the last year. In comparison, the S&P 500 has only moved 15.13% and 13.62%, respectively.
Investors should also take note of CADE's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now, CADE is averaging 1,525,588 shares for the last 20 days.
The Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with CADE.
Over the past two months, 3 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost CADE's consensus estimate, increasing from $2.85 to $2.92 in the past 60 days. Looking at the next fiscal year, 2 estimates have moved upwards while there have been 1 downward revision in the same time period.
Given these factors, it shouldn't be surprising that CADE is a #1 (Strong Buy) stock and boasts a Momentum Score of A. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Cadence on your short list.
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Cadence Bank (CADE) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
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