Cadence Bank (NYSE:CADE) Short Interest Update

Cadence Bank (NYSE:CADE) saw a significant drop in short interest in December. As of December 31st, there was short interest totalling 5,240,000 shares, a drop of 5.1% from the December 15th total of 5,520,000 shares. Based on an average daily trading volume, of 1,210,000 shares, the short-interest ratio is currently 4.3 days.

Wall Street Analyst Weigh In

CADE has been the subject of several research analyst reports. Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $41.00 to $44.00 in a research report on Thursday, December 19th. Morgan Stanley raised 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. DA Davidson increased their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Royal Bank of Canada boosted 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. Finally, Truist Financial increased their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Cadence Bank has an average rating of “Moderate Buy” and an average price target of $37.32.

Hedge Funds Weigh In On Cadence Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. acquired a new stake in Cadence Bank in the third quarter worth $11,727,000. Vaughan Nelson Investment Management L.P. raised its stake in Cadence Bank by 16.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after buying an additional 291,885 shares during the period. Segall Bryant & Hamill LLC lifted its holdings in Cadence Bank by 21.7% during the third quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock worth $42,396,000 after acquiring an additional 237,748 shares in the last quarter. FMR LLC lifted its holdings in Cadence Bank by 1.2% during the third quarter. FMR LLC now owns 16,423,050 shares of the company’s stock worth $523,074,000 after acquiring an additional 195,773 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in Cadence Bank in the third quarter valued at about $5,511,000. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Trading Up 1.0 %

CADE opened at $35.65 on Monday. The firm has a 50 day simple moving average of $36.29 and a 200 day simple moving average of $33.33. Cadence Bank has a fifty-two week low of $24.99 and a fifty-two week high of $40.20. The company has a market cap of $6.50 billion, a price-to-earnings ratio of 10.24 and a beta of 1.00. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87.

Cadence Bank (NYSE:CADE) last issued 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. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The company had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. During the same quarter in the previous year, the company posted $0.56 EPS. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.81%. Cadence Bank’s dividend payout ratio is presently 28.74%.

About Cadence Bank

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.