Short Interest in Cadence Bank (NYSE:CADE) Drops By 18.0%

Cadence Bank (NYSE:CADE) was the target of a significant decline in short interest during the month of January. As of January 30th, there was short interest totaling 4,776,325 shares, a decline of 18.0% from the January 15th total of 5,824,868 shares. Currently, 2.7% of the company’s stock are short sold. Based on an average daily trading volume, of 11,181,543 shares, the short-interest ratio is currently 0.4 days. Based on an average daily trading volume, of 11,181,543 shares, the short-interest ratio is currently 0.4 days. Currently, 2.7% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CADE shares. Barclays lowered shares of Cadence Bank from an “overweight” rating to a “hold” rating in a research note on Tuesday, October 28th. Stephens downgraded Cadence Bank from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, October 28th. Royal Bank Of Canada upgraded Cadence Bank from a “hold” rating to a “moderate buy” rating in a research note on Monday, October 27th. Keefe, Bruyette & Woods cut Cadence Bank from a “moderate buy” rating to a “hold” rating and raised their price objective for the company from $41.00 to $49.00 in a research report on Monday, November 3rd. Finally, Piper Sandler set a $40.00 target price on Cadence Bank and gave the stock a “neutral” rating in a report on Monday, October 27th. Two research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $42.88.

Cadence Bank Stock Performance

Shares of NYSE:CADE traded down $0.69 during trading on Monday, reaching $42.14. 80,610,949 shares of the stock were exchanged, compared to its average volume of 6,988,175. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $46.74. The firm has a market cap of $7.68 billion, a PE ratio of 14.94 and a beta of 0.95. The stock has a 50-day moving average price of $43.38 and a 200-day moving average price of $39.60. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.15.

Cadence Bank (NYSE:CADE) last announced its earnings results on Thursday, January 22nd. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.06. The company had revenue of $528.41 million for the quarter, compared to analyst estimates of $525.15 million. Cadence Bank had a return on equity of 10.16% and a net margin of 18.12%.During the same quarter last year, the company earned $0.70 earnings per share. Research analysts expect that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Stockholders of record on Friday, January 30th will be issued a dividend of $0.3438 per share. This is an increase from Cadence Bank’s previous quarterly dividend of $0.28. This represents a $1.38 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Friday, January 30th. Cadence Bank’s payout ratio is 39.01%.

Hedge Funds Weigh In On Cadence Bank

Hedge funds have recently bought and sold shares of the business. North Reef Capital Management LP acquired a new position in shares of Cadence Bank during the 3rd quarter worth approximately $264,845,000. Channing Capital Management LLC acquired a new stake in shares of Cadence Bank in the second quarter valued at approximately $75,681,000. Norges Bank bought a new stake in shares of Cadence Bank in the fourth quarter valued at approximately $98,963,000. First Trust Capital Management L.P. acquired a new stake in Cadence Bank during the fourth quarter worth approximately $90,503,000. Finally, Glazer Capital LLC bought a new position in Cadence Bank during the 4th quarter worth $83,955,000. 84.61% of the stock is owned by institutional investors.

Cadence Bank Company Profile

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.