Cadence Bank (NYSE:CADE) Short Interest Down 5.1% in January

Cadence Bank (NYSE:CADE) saw a large decrease in short interest during the month of January. As of January 15th, there was short interest totalling 5,240,000 shares, a decrease of 5.1% from the December 31st total of 5,520,000 shares. Based on an average daily trading volume, of 1,210,000 shares, the days-to-cover ratio is currently 4.3 days.

Institutional Trading of Cadence Bank

A number of hedge funds have recently made changes to their positions in CADE. Sei Investments Co. grew its position in shares of Cadence Bank by 49.7% during the second quarter. Sei Investments Co. now owns 75,128 shares of the company’s stock worth $2,125,000 after buying an additional 24,950 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Cadence Bank during the second quarter worth approximately $670,000. AQR Capital Management LLC boosted its holdings in Cadence Bank by 74.2% in the second quarter. AQR Capital Management LLC now owns 30,254 shares of the company’s stock worth $856,000 after purchasing an additional 12,887 shares during the period. Algert Global LLC acquired a new position in Cadence Bank in the second quarter worth $520,000. Finally, Creative Planning boosted its holdings in Cadence Bank by 65.4% in the second quarter. Creative Planning now owns 32,176 shares of the company’s stock worth $910,000 after purchasing an additional 12,723 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Cadence Bank Price Performance

Cadence Bank stock opened at $34.47 on Tuesday. Cadence Bank has a 12-month low of $24.99 and a 12-month high of $40.20. The stock has a market capitalization of $6.28 billion, a P/E ratio of 12.42 and a beta of 0.99. The firm’s 50-day moving average is $35.63 and its two-hundred day moving average is $33.76.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter last year, the company posted $0.40 EPS. As a group, analysts forecast that Cadence Bank will post 2.92 EPS for the current year.

Cadence Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $0.275 dividend. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, March 14th. This represents a $1.10 annualized dividend and a yield of 3.19%. Cadence Bank’s dividend payout ratio (DPR) is presently 36.10%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on CADE shares. 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. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $41.00 to $44.00 in a report on Thursday, December 19th. Truist Financial increased their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $38.00 price target on shares of Cadence Bank in a report on Friday, January 24th. Finally, Citigroup increased their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $38.50.

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.