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

Cadence Bank (NYSE:CADE) saw a large increase in short interest in 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 days-to-cover ratio is presently 4.5 days.

Institutional Investors Weigh In On Cadence Bank

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

Analysts Set New Price Targets

CADE has been the subject of several analyst reports. Keefe, Bruyette & Woods increased their target price on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $36.00 to $39.00 in a research report on Monday, September 30th. Barclays raised Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $41.00 to $44.00 in a research note on Thursday, December 19th. DA Davidson raised their price objective on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Truist Financial lifted their target price on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $37.32.

Cadence Bank Trading Up 0.4 %

NYSE:CADE opened at $34.60 on Thursday. The firm has a 50 day moving average of $36.27 and a 200 day moving average of $32.71. The stock has a market capitalization of $6.30 billion, a price-to-earnings ratio of 9.94 and a beta of 0.98. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. Cadence Bank has a 52 week low of $24.99 and a 52 week high of $40.20.

Cadence Bank (NYSE:CADE) last announced its earnings results on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.09. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The firm had revenue of $447.36 million for the quarter, compared to the consensus estimate of $450.97 million. During the same period in the previous year, the business earned $0.56 EPS. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

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 given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.89%. The ex-dividend date is Friday, December 13th. Cadence Bank’s dividend payout ratio is presently 28.74%.

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.