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

Cadence Bank (NYSE:CADE) saw a significant drop in short interest in the month of 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 trading volume of 1,210,000 shares, the days-to-cover ratio is presently 4.3 days.

Institutional Investors Weigh In On Cadence Bank

A number of institutional investors have recently modified their holdings of CADE. V Square Quantitative Management LLC bought a new stake in shares of Cadence Bank during the 3rd quarter worth about $25,000. Brooklyn Investment Group acquired a new stake in Cadence Bank in the 4th quarter worth $26,000. Point72 Hong Kong Ltd bought a new position in Cadence Bank during the third quarter valued at about $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 acquiring an additional 559 shares during the period. Finally, TD Private Client Wealth LLC increased its position in shares of Cadence Bank by 23.0% during the third 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 during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Stock Up 1.0 %

CADE stock opened at $35.65 on Monday. Cadence Bank has a 12 month low of $24.99 and a 12 month high of $40.20. The firm has a 50 day simple moving average of $36.29 and a 200 day simple moving average of $33.33. The firm has a market cap of $6.50 billion, a PE 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 announced its earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, topping 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 period last year, the company posted $0.56 earnings per share. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. Equities research analysts forecast that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders 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 dividend yield of 2.81%. Cadence Bank’s dividend payout ratio is 28.74%.

Analyst Ratings Changes

CADE has been the subject of several research reports. Royal Bank of Canada lifted their price objective on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price target on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Truist Financial upped their price objective 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. DA Davidson raised their price target on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $36.00 to $39.00 in a research report on Monday, September 30th. Three research 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 stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $37.32.

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.