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

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

Analyst Ratings Changes

Several equities research analysts have recently commented on CADE shares. Hovde Group boosted their price target on shares of Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Piper Sandler lowered Cadence Bank from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $33.00 to $34.00 in a report on Wednesday, July 24th. Truist Financial reduced their price target on Cadence Bank from $38.00 to $37.00 and set a “buy” rating for the company in a research report on Friday, September 20th. Jefferies Financial Group dropped their price objective on Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Finally, Stephens reiterated an “overweight” rating and issued a $35.00 target price on shares of Cadence Bank in a report on Tuesday, July 23rd. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.88.

Cadence Bank Trading Up 0.4 %

Shares of Cadence Bank stock opened at $33.50 on Friday. The firm’s 50 day simple moving average is $31.40 and its two-hundred day simple moving average is $29.75. The firm has a market capitalization of $6.10 billion, a price-to-earnings ratio of 10.70 and a beta of 0.96. Cadence Bank has a 12-month low of $19.67 and a 12-month high of $34.13. 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 (NYSE:CADE) last issued its earnings results on Monday, July 22nd. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. The firm had revenue of $742.87 million for the quarter, compared to analyst estimates of $439.63 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. During the same quarter in the prior year, the firm earned $0.64 earnings per share. Analysts predict that Cadence Bank will post 2.57 EPS for the current year.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.99%. The ex-dividend date was Friday, September 13th. Cadence Bank’s dividend payout ratio is currently 31.95%.

Hedge Funds Weigh In On Cadence Bank

Several institutional investors and hedge funds have recently modified their holdings of CADE. Net Worth Advisory Group purchased a new position in Cadence Bank during the third quarter valued at approximately $291,000. V Square Quantitative Management LLC acquired a new stake in shares of Cadence Bank during the 3rd quarter worth approximately $25,000. nVerses Capital LLC acquired a new position in shares of Cadence Bank in the 3rd quarter valued at $354,000. Davis Investment Partners LLC purchased a new stake in Cadence Bank during the third quarter worth $202,000. Finally, GAMMA Investing LLC grew 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 buying an additional 559 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

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.