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

Cadence Bank (NYSE:CADE) was the recipient of a large drop in short interest during the month of January. As of January 30th, there was short interest totaling 4,776,325 shares, a drop of 18.0% from the January 15th total of 5,824,868 shares. Based on an average daily volume of 11,181,543 shares, the days-to-cover ratio is presently 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 daily volume of 11,181,543 shares, the days-to-cover ratio is presently 0.4 days.

Cadence Bank Stock Down 1.6%

Shares of CADE traded down $0.69 during trading hours on Tuesday, reaching $42.14. The stock had a trading volume of 80,610,949 shares, compared to its average volume of 6,988,175. The firm has a 50-day simple moving average of $43.39 and a 200 day simple moving average of $39.66. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $46.74. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $7.68 billion, a price-to-earnings ratio of 14.94 and a beta of 0.95.

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 the consensus estimate of $0.79 by $0.06. The firm had revenue of $528.41 million for the quarter, compared to the consensus estimate of $525.15 million. Cadence Bank had a net margin of 18.12% and a return on equity of 10.16%. During the same quarter in the prior year, the company posted $0.70 earnings per share. Equities research analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Friday, January 30th will be given a $0.3438 dividend. This represents a $1.38 annualized dividend and a yield of 3.3%. 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. Cadence Bank’s payout ratio is 39.01%.

Institutional Trading of Cadence Bank

Several institutional investors and hedge funds have recently modified their holdings of the stock. Federated Hermes Inc. boosted its holdings in Cadence Bank by 41.4% during the third quarter. Federated Hermes Inc. now owns 110,808 shares of the company’s stock worth $4,160,000 after purchasing an additional 32,455 shares during the last quarter. Gamco Investors INC. ET AL lifted its position in shares of Cadence Bank by 77.1% during the 2nd quarter. Gamco Investors INC. ET AL now owns 148,550 shares of the company’s stock worth $4,751,000 after buying an additional 64,690 shares in the last quarter. Jackson Creek Investment Advisors LLC purchased a new position in shares of Cadence Bank in the 3rd quarter worth approximately $1,810,000. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in shares of Cadence Bank by 59.7% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 117,552 shares of the company’s stock valued at $4,413,000 after acquiring an additional 43,944 shares in the last quarter. Finally, SouthState Bank Corp purchased a new stake in shares of Cadence Bank during the third quarter valued at approximately $2,211,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cadence Bank in a research report on Wednesday, January 21st. Stephens downgraded Cadence Bank from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, October 28th. Royal Bank Of Canada upgraded Cadence Bank from a “hold” rating to a “moderate buy” rating in a research report on Monday, October 27th. Keefe, Bruyette & Woods downgraded Cadence Bank from a “moderate buy” rating to a “hold” rating and lifted their target price for the stock from $41.00 to $49.00 in a report on Monday, November 3rd. Finally, Piper Sandler set a $40.00 price target on Cadence Bank and gave the stock a “neutral” rating in a report on Monday, October 27th. Two analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $42.88.

About Cadence Bank

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.