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

Cadence Bank (NYSE:CADE) was the target of a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 5,520,000 shares, an increase of 6.8% from the November 30th total of 5,170,000 shares. Based on an average daily volume of 1,230,000 shares, the short-interest ratio is currently 4.5 days.

Cadence Bank Price Performance

Shares of NYSE:CADE opened at $34.45 on Thursday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The company has a 50-day moving average price of $36.27 and a 200 day moving average price of $32.71. Cadence Bank has a 52 week low of $24.99 and a 52 week high of $40.20. The company has a market cap of $6.28 billion, a P/E ratio of 9.90 and a beta of 0.98.

Cadence Bank (NYSE:CADE) last issued 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. The company had revenue of $447.36 million for the quarter, compared to analyst estimates of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The business’s revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.56 EPS. Research analysts predict that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.90%. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CADE shares. Truist Financial raised their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. DA Davidson upped 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. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $36.00 to $39.00 in a report on Monday, September 30th. Finally, Royal Bank of Canada raised their target price on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.32.

Institutional Investors Weigh In On Cadence Bank

A number of hedge funds and other institutional investors have recently modified their holdings of CADE. KBC Group NV increased its stake in Cadence Bank by 11.5% in the 3rd quarter. KBC Group NV now owns 5,036 shares of the company’s stock valued at $160,000 after purchasing an additional 519 shares in the last quarter. Algert Global LLC increased its position in shares of Cadence Bank by 2.8% in the third quarter. Algert Global LLC now owns 18,920 shares of the company’s stock valued at $603,000 after buying an additional 522 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Cadence Bank by 55.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock worth $50,000 after buying an additional 559 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of Cadence Bank by 1.4% in the 3rd quarter. HighTower Advisors LLC now owns 43,940 shares of the company’s stock worth $1,406,000 after buying an additional 599 shares in the last quarter. Finally, Tidal Investments LLC grew its stake in Cadence Bank by 8.1% in the 3rd quarter. Tidal Investments LLC now owns 9,769 shares of the company’s stock valued at $311,000 after acquiring an additional 730 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.