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

Cadence Bank (NYSE:CADE) was the target of a significant 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 trading volume of 1,230,000 shares, the short-interest ratio is presently 4.5 days.

Hedge Funds Weigh In On Cadence Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CADE. Dimensional Fund Advisors LP raised its holdings in shares of Cadence Bank by 6.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock worth $277,874,000 after acquiring an additional 593,878 shares during the period. Point72 Asset Management L.P. purchased a new position in Cadence Bank during the third quarter worth about $11,727,000. Vaughan Nelson Investment Management L.P. boosted its holdings in Cadence Bank by 16.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock valued at $66,360,000 after purchasing an additional 291,885 shares during the last quarter. Segall Bryant & Hamill LLC grew its stake in shares of Cadence Bank by 21.7% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock valued at $42,396,000 after buying an additional 237,748 shares during the period. Finally, FMR LLC increased its holdings in shares of Cadence Bank by 1.2% during the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company’s stock worth $523,074,000 after buying an additional 195,773 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Price Performance

Shares of NYSE CADE opened at $34.45 on Thursday. The firm has a 50-day simple moving average of $36.27 and a 200-day simple moving average of $32.71. 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 stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of 9.90 and a beta of 0.98. Cadence Bank has a 52 week low of $24.99 and a 52 week high of $40.20.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Monday, October 21st. The company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. The company had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. Cadence Bank’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.56 EPS. On average, equities analysts predict that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.90%. Cadence Bank’s payout ratio is 28.74%.

Analyst Ratings Changes

CADE has been the subject of several recent analyst reports. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Royal Bank of Canada upped their target price on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Truist Financial lifted their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. 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 research report on Wednesday, October 23rd. Finally, Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $41.00 to $44.00 in a report on Thursday, December 19th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Cadence Bank currently has an average rating of “Moderate Buy” and a consensus price target of $37.32.

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.