Cadence Bank (NYSE:CADE) Sees Significant Drop in Short Interest

Cadence Bank (NYSE:CADE) was the target of a significant decline in short interest in November. As of November 30th, there was short interest totalling 5,170,000 shares, a decline of 7.5% from the November 15th total of 5,590,000 shares. Based on an average daily trading volume, of 1,280,000 shares, the days-to-cover ratio is currently 4.0 days.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. DA Davidson boosted their target price on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Truist Financial lifted their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada lifted their price target on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods lifted their price target on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.63.

Cadence Bank Trading Up 0.6 %

NYSE:CADE traded up $0.23 during midday trading on Monday, reaching $36.63. 852,082 shares of the stock traded hands, compared to its average volume of 1,301,637. The stock has a market capitalization of $6.67 billion, a P/E ratio of 10.46 and a beta of 0.98. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The company has a fifty day moving average of $35.69 and a 200 day moving average of $32.13. Cadence Bank has a 12 month low of $24.99 and a 12 month high of $40.20.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. The firm had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.56 earnings per share. On average, research analysts predict that Cadence Bank will post 2.71 EPS for the current year.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s payout ratio is 28.74%.

Institutional Investors Weigh In On Cadence Bank

Several institutional investors and hedge funds have recently bought and sold shares of the business. V Square Quantitative Management LLC bought a new position in shares of Cadence Bank during the third quarter valued at approximately $25,000. Point72 Hong Kong Ltd bought a new position in Cadence Bank in the 3rd quarter worth $32,000. GAMMA Investing LLC lifted its position in shares of Cadence Bank by 55.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock worth $50,000 after purchasing an additional 559 shares during the period. Innealta Capital LLC purchased a new stake in shares of Cadence Bank in the 2nd quarter worth about $138,000. Finally, TD Private Client Wealth LLC boosted its stake in shares of Cadence Bank by 23.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 4,954 shares of the company’s stock valued at $158,000 after purchasing an additional 926 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.