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

Cadence Bank (NYSE:CADE) was the target of a large decrease in short interest in the month of May. As of May 31st, there was short interest totalling 5,440,000 shares, a decrease of 6.4% from the May 15th total of 5,810,000 shares. Based on an average daily trading volume, of 1,170,000 shares, the days-to-cover ratio is presently 4.6 days.

Analyst Ratings Changes

Several brokerages have weighed in on CADE. Hovde Group upgraded Cadence Bank from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $32.50 to $33.00 in a report on Wednesday, April 24th. Truist Financial boosted their price target on Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Barclays boosted their price target on Cadence Bank from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 24th. Stephens reissued an “overweight” rating and issued a $33.00 price target on shares of Cadence Bank in a research report on Tuesday, April 23rd. Finally, Jefferies Financial Group reduced their price target on Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $31.09.

Cadence Bank Trading Down 0.0 %

Shares of NYSE:CADE opened at $27.32 on Wednesday. The business’s 50-day moving average is $28.23 and its 200 day moving average is $28.16. Cadence Bank has a 1 year low of $18.97 and a 1 year high of $31.45. The firm has a market capitalization of $4.98 billion, a P/E ratio of 8.73 and a beta of 0.99. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85.

Cadence Bank (NYSE:CADE) last announced its earnings results on Friday, April 26th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.08. The company had revenue of $437.69 million for the quarter, compared to analyst estimates of $427.18 million. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The firm’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.68 EPS. On average, research analysts predict that Cadence Bank will post 2.48 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date is Friday, June 14th. Cadence Bank’s dividend payout ratio is presently 31.95%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Tidal Investments LLC acquired a new position in shares of Cadence Bank in the first quarter valued at about $209,000. Lavaca Capital LLC purchased a new stake in shares of Cadence Bank in the first quarter worth about $207,000. Lazard Asset Management LLC boosted its stake in shares of Cadence Bank by 125.0% in the first quarter. Lazard Asset Management LLC now owns 8,181 shares of the company’s stock worth $236,000 after buying an additional 4,545 shares during the last quarter. Keeley Teton Advisors LLC boosted its stake in shares of Cadence Bank by 2.7% in the first quarter. Keeley Teton Advisors LLC now owns 237,291 shares of the company’s stock worth $6,881,000 after buying an additional 6,328 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Cadence Bank by 4.9% in the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after buying an additional 940,895 shares during the last quarter. 84.61% of the stock is 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.