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

Cadence Bank (NYSE:CADE) was the recipient of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 6,390,000 shares, an increase of 17.5% from the May 31st total of 5,440,000 shares. Based on an average daily trading volume, of 1,160,000 shares, the days-to-cover ratio is presently 5.5 days.

Cadence Bank Trading Up 0.7 %

Shares of Cadence Bank stock opened at $28.28 on Friday. The stock has a fifty day simple moving average of $28.36 and a 200 day simple moving average of $28.18. Cadence Bank has a 12-month low of $19.00 and a 12-month high of $31.45. The company has a market capitalization of $5.15 billion, a P/E ratio of 9.04 and a beta of 0.99. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Friday, April 26th. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. The business had revenue of $437.69 million during the quarter, compared to the consensus estimate of $427.18 million. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. Cadence Bank’s revenue was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.68 earnings per share. On average, sell-side analysts anticipate that Cadence Bank will post 2.48 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.25 dividend. The ex-dividend date is Friday, June 14th. This represents a $1.00 dividend on an annualized basis and a yield of 3.54%. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CADE. Norges Bank bought a new position in Cadence Bank in the 4th quarter valued at $60,490,000. Wellington Management Group LLP grew its stake in Cadence Bank by 15.7% in the 3rd quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock valued at $166,110,000 after purchasing an additional 1,063,055 shares during the period. Vanguard Group Inc. grew its stake in Cadence Bank by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock valued at $587,867,000 after purchasing an additional 940,895 shares during the period. Vaughan Nelson Investment Management L.P. grew its stake in Cadence Bank by 81.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock valued at $45,344,000 after purchasing an additional 687,025 shares during the period. Finally, Ranger Investment Management L.P. grew its stake in shares of Cadence Bank by 59.4% during the 4th quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock worth $31,205,000 after acquiring an additional 393,037 shares during the period. Institutional investors own 84.61% of the company’s stock.

Analyst Ratings Changes

CADE has been the topic of several recent analyst reports. Jefferies Financial Group dropped their price target on Cadence Bank from $30.00 to $29.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. Keefe, Bruyette & Woods boosted their price target on Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Hovde Group raised Cadence Bank from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $32.50 to $33.00 in a research note on Wednesday, April 24th. Barclays upped their target price on Cadence Bank from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Monday, June 24th. Finally, Stephens reaffirmed an “overweight” rating and set a $33.00 target price on shares of Cadence Bank in a research report on Tuesday, April 23rd. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Cadence Bank presently has an average rating of “Moderate Buy” and an average price target of $31.18.

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.