Short Interest in Cadence Bank (NYSE:CADE) Declines By 18.0%

Cadence Bank (NYSE:CADE) saw a significant decline in short interest during the month of January. As of January 30th, there was short interest totaling 4,776,325 shares, a decline of 18.0% from the January 15th total of 5,824,868 shares. Based on an average trading volume of 11,181,543 shares, the days-to-cover ratio is currently 0.4 days. Approximately 2.7% of the company’s shares are sold short. Approximately 2.7% of the company’s shares are sold short. Based on an average trading volume of 11,181,543 shares, the days-to-cover ratio is currently 0.4 days.

Institutional Trading of Cadence Bank

Hedge funds have recently modified their holdings of the company. NorthCrest Asset Manangement LLC lifted its holdings in shares of Cadence Bank by 1.0% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 28,279 shares of the company’s stock valued at $1,105,000 after purchasing an additional 282 shares during the last quarter. Coldstream Capital Management Inc. grew its stake in shares of Cadence Bank by 4.9% during the fourth quarter. Coldstream Capital Management Inc. now owns 6,104 shares of the company’s stock worth $261,000 after acquiring an additional 283 shares during the last quarter. Osaic Holdings Inc. increased its holdings in shares of Cadence Bank by 24.4% during the second quarter. Osaic Holdings Inc. now owns 1,442 shares of the company’s stock valued at $46,000 after acquiring an additional 283 shares in the last quarter. KLP Kapitalforvaltning AS raised its position in shares of Cadence Bank by 0.8% in the 3rd quarter. KLP Kapitalforvaltning AS now owns 38,128 shares of the company’s stock valued at $1,440,000 after purchasing an additional 300 shares during the last quarter. Finally, Strs Ohio boosted its stake in Cadence Bank by 1.5% in the 4th quarter. Strs Ohio now owns 20,900 shares of the company’s stock worth $895,000 after purchasing an additional 300 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CADE has been the topic of several recent research reports. Royal Bank Of Canada upgraded Cadence Bank from a “hold” rating to a “moderate buy” rating in a report on Monday, October 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cadence Bank in a research note on Wednesday, January 21st. Piper Sandler set a $40.00 target price on shares of Cadence Bank and gave the stock a “neutral” rating in a report on Monday, October 27th. Keefe, Bruyette & Woods downgraded shares of Cadence Bank from a “moderate buy” rating to a “hold” rating and upped their price target for the company from $41.00 to $49.00 in a report on Monday, November 3rd. Finally, Morgan Stanley downgraded shares of Cadence Bank from an “overweight” rating to a “sell” rating in a research note on Tuesday, October 28th. Two investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $42.88.

Cadence Bank Price Performance

CADE opened at $42.14 on Wednesday. The company has a market capitalization of $7.68 billion, a price-to-earnings ratio of 14.94 and a beta of 0.95. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.15. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $46.74. The business’s fifty day simple moving average is $43.39 and its 200-day simple moving average is $39.66.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Thursday, January 22nd. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.06. Cadence Bank had a net margin of 18.12% and a return on equity of 10.16%. The company had revenue of $528.41 million during the quarter, compared to analyst estimates of $525.15 million. During the same period in the prior year, the firm earned $0.70 earnings per share. On average, equities research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Friday, January 30th will be issued a dividend of $0.3438 per share. The ex-dividend date of this dividend is Friday, January 30th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.28. This represents a $1.38 annualized dividend and a yield of 3.3%. Cadence Bank’s dividend payout ratio is 39.01%.

Cadence Bank Company Profile

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.