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

Cadence Bank (NYSE:CADE) saw a significant decline in short interest in September. As of September 30th, there was short interest totalling 5,160,000 shares, a decline of 7.5% from the September 15th total of 5,580,000 shares. Based on an average daily volume of 1,370,000 shares, the days-to-cover ratio is presently 3.8 days.

Cadence Bank Stock Performance

Shares of CADE stock traded up $0.12 during trading hours on Thursday, hitting $33.50. The company’s stock had a trading volume of 939,271 shares, compared to its average volume of 1,312,217. The company has a 50 day moving average of $31.32 and a 200 day moving average of $29.72. The stock has a market cap of $6.10 billion, a PE ratio of 10.67 and a beta of 0.96. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05. Cadence Bank has a 12-month low of $19.67 and a 12-month high of $34.13.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Monday, July 22nd. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.61 by $0.08. The business had revenue of $742.87 million for the quarter, compared to the consensus estimate of $439.63 million. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. During the same period in the prior year, the firm earned $0.64 EPS. On average, sell-side analysts forecast that Cadence Bank will post 2.57 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date was Friday, September 13th. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Analyst Ratings Changes

Several research firms recently commented on CADE. DA Davidson boosted their target price on Cadence Bank from $34.50 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Stephens reissued an “overweight” rating and set a $35.00 price objective on shares of Cadence Bank in a research report on Tuesday, July 23rd. Royal Bank of Canada raised their target price on shares of Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 24th. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $36.00 to $39.00 in a research report on Monday, September 30th. Finally, Truist Financial reduced their price target on shares of Cadence Bank from $38.00 to $37.00 and set a “buy” rating for the company in a research report on Friday, September 20th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cadence Bank currently has an average rating of “Moderate Buy” and a consensus price target of $34.88.

Institutional Trading of Cadence Bank

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Cadence Bank by 4.9% during the first 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 in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Cadence Bank by 6.4% during the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after acquiring an additional 593,878 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Cadence Bank by 7.3% in the fourth quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock valued at $248,633,000 after purchasing an additional 574,633 shares during the period. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Cadence Bank by 14.8% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company’s stock valued at $51,034,000 after purchasing an additional 227,395 shares during the period. Finally, SG Americas Securities LLC purchased a new position in Cadence Bank in the third quarter worth approximately $1,364,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.