Cadence Bank (NYSE:CADE) Short Interest Down 7.5% in September

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

Cadence Bank Price Performance

CADE stock opened at $33.50 on Friday. Cadence Bank has a 52 week low of $19.67 and a 52 week high of $34.13. The firm has a market capitalization of $6.10 billion, a P/E ratio of 10.70 and a beta of 0.96. The company has a fifty day simple moving average of $31.40 and a two-hundred day simple moving average of $29.75. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05.

Cadence Bank (NYSE:CADE) last announced its quarterly 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. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The firm had revenue of $742.87 million during the quarter, compared to the consensus estimate of $439.63 million. During the same quarter last year, the firm earned $0.64 EPS. Analysts anticipate that Cadence Bank will post 2.57 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

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

Hedge Funds Weigh In On Cadence Bank

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Cadence Bank by 4.9% during the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock valued at $587,867,000 after buying an additional 940,895 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Cadence Bank by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after acquiring an additional 593,878 shares during the last quarter. Wellington Management Group LLP grew its position in Cadence Bank by 7.3% in the 4th quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock valued at $248,633,000 after acquiring an additional 574,633 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Cadence Bank by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock worth $59,071,000 after purchasing an additional 36,323 shares during the period. Finally, Vaughan Nelson Investment Management L.P. lifted its position in shares of Cadence Bank by 1.8% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,791,633 shares of the company’s stock worth $50,667,000 after purchasing an additional 31,815 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have commented on CADE. Hovde Group raised their price target on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Royal Bank of Canada lifted their target price on Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 24th. Truist Financial dropped their price target on Cadence Bank from $38.00 to $37.00 and set a “buy” rating for the company in a research note on Friday, September 20th. Jefferies Financial Group reduced their price objective on shares of 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, Barclays upped their target price on shares of Cadence Bank from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, September 27th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $34.88.

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.