Short Interest in Cadence Bank (NYSE:CADE) Grows By 6.8%

Cadence Bank (NYSE:CADE) was the target of a significant increase in short interest in December. As of December 15th, there was short interest totalling 5,520,000 shares, an increase of 6.8% from the November 30th total of 5,170,000 shares. Based on an average daily trading volume, of 1,230,000 shares, the days-to-cover ratio is currently 4.5 days.

Hedge Funds Weigh In On Cadence Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in shares of Cadence Bank in the 3rd quarter valued at about $25,000. Point72 Hong Kong Ltd purchased a new position in Cadence Bank during the third quarter valued at approximately $32,000. GAMMA Investing LLC increased its stake in Cadence Bank by 55.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock valued at $50,000 after buying an additional 559 shares during the period. TD Private Client Wealth LLC increased its stake in Cadence Bank by 23.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 4,954 shares of the company’s stock valued at $158,000 after buying an additional 926 shares during the period. Finally, KBC Group NV lifted its position in Cadence Bank by 11.5% in the 3rd quarter. KBC Group NV now owns 5,036 shares of the company’s stock worth $160,000 after buying an additional 519 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CADE. Truist Financial upped their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada lifted their target price on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $41.00 to $44.00 in a report on Thursday, December 19th. Keefe, Bruyette & Woods increased their target price on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $36.00 to $39.00 in a report on Monday, September 30th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $37.32.

Cadence Bank Stock Performance

NYSE:CADE opened at $34.45 on Thursday. The company has a 50-day moving average of $36.27 and a 200-day moving average of $32.71. The firm has a market cap of $6.28 billion, a price-to-earnings ratio of 9.90 and a beta of 0.98. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. Cadence Bank has a twelve month low of $24.99 and a twelve month high of $40.20.

Cadence Bank (NYSE:CADE) last announced its earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.64 by $0.09. The business had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. Cadence Bank’s revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.56 earnings per share. Analysts forecast that Cadence Bank will post 2.71 earnings per share 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 given a $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 annualized dividend and a dividend yield of 2.90%. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

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.