Short Interest in Cadence Bank (NYSE:CADE) Rises By 8.1%

Cadence Bank (NYSE:CADE) saw a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 5,580,000 shares, a growth of 8.1% from the September 30th total of 5,160,000 shares. Based on an average daily trading volume, of 1,270,000 shares, the days-to-cover ratio is presently 4.4 days.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Jefferies Financial Group dropped their target price on Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, July 3rd. Royal Bank of Canada boosted their price objective on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 23rd. Stephens reiterated an “overweight” rating and issued a $35.00 price objective on shares of Cadence Bank in a research report on Tuesday, July 23rd. Hovde Group boosted their price objective on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Finally, Piper Sandler downgraded Cadence Bank from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $33.00 to $34.00 in a research report on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Bank currently has an average rating of “Moderate Buy” and a consensus price target of $35.29.

Hedge Funds Weigh In On Cadence Bank

A number of institutional investors have recently added to or reduced their stakes in the company. State of Michigan Retirement System grew its position in shares of Cadence Bank by 2.3% in the 1st quarter. State of Michigan Retirement System now owns 44,810 shares of the company’s stock worth $1,299,000 after buying an additional 1,000 shares during the period. Retirement Systems of Alabama boosted its stake in Cadence Bank by 0.3% during the first quarter. Retirement Systems of Alabama now owns 229,380 shares of the company’s stock worth $6,652,000 after acquiring an additional 602 shares in the last quarter. Argent Advisors Inc. purchased a new stake in Cadence Bank in the first quarter worth about $204,000. Texas Permanent School Fund Corp increased its stake in shares of Cadence Bank by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 159,866 shares of the company’s stock valued at $4,636,000 after purchasing an additional 2,138 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Cadence Bank by 139.8% during the first quarter. SG Americas Securities LLC now owns 20,666 shares of the company’s stock valued at $599,000 after purchasing an additional 12,047 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Trading Up 0.7 %

Shares of CADE traded up $0.24 during mid-day trading on Wednesday, hitting $34.09. 1,223,498 shares of the company’s stock traded hands, compared to its average volume of 1,320,616. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05. Cadence Bank has a 1 year low of $20.83 and a 1 year high of $34.85. The firm has a market capitalization of $6.21 billion, a P/E ratio of 10.89 and a beta of 0.96. The business’s 50-day moving average price is $32.01 and its 200-day moving average price is $30.13.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.09. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The business had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. During the same period in the previous year, the firm posted $0.56 EPS. The business’s revenue was up 11.0% on a year-over-year basis. As a group, sell-side analysts forecast that Cadence Bank will post 2.57 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 annualized dividend and a yield of 2.93%. Cadence Bank’s payout ratio is 31.95%.

Cadence Bank Company Profile

Cadence Bank provides commercial banking and financial services. Its products and services include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized and asset-based lending, commercial real estate, equipment financing, and correspondent banking services.