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

Cadence Bank (NYSE:CADE) saw a large increase in short interest in March. As of March 15th, there was short interest totalling 6,910,000 shares, an increase of 12.9% from the February 29th total of 6,120,000 shares. Based on an average trading volume of 1,400,000 shares, the short-interest ratio is currently 4.9 days.

Cadence Bank Trading Down 3.2 %

NYSE:CADE opened at $27.81 on Wednesday. The stock has a fifty day moving average price of $27.59 and a two-hundred day moving average price of $25.85. The stock has a market capitalization of $5.08 billion, a price-to-earnings ratio of 9.56 and a beta of 1.02. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.86. Cadence Bank has a 1 year low of $16.95 and a 1 year high of $31.45.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, January 29th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.13). The firm had revenue of $23.15 million for the quarter, compared to analyst estimates of $433.99 million. Cadence Bank had a return on equity of 9.55% and a net margin of 23.33%. As a group, sell-side analysts anticipate that Cadence Bank will post 2.42 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date of this dividend was Thursday, March 14th. This is a boost from Cadence Bank’s previous quarterly dividend of $0.24. Cadence Bank’s dividend payout ratio (DPR) is currently 34.36%.

Institutional Trading of Cadence Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CADE. PNC Financial Services Group Inc. grew its holdings in shares of Cadence Bank by 19.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,488 shares of the company’s stock worth $429,000 after purchasing an additional 2,376 shares during the period. Vanguard Group Inc. raised its position in shares of Cadence Bank by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 19,330,388 shares of the company’s stock valued at $571,986,000 after purchasing an additional 157,523 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Cadence Bank by 7.3% during 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 in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of Cadence Bank by 13.0% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 160,897 shares of the company’s stock valued at $4,760,000 after acquiring an additional 18,474 shares in the last quarter. Finally, Mendon Capital Advisors Corp acquired a new stake in shares of Cadence Bank during the 4th quarter valued at approximately $2,959,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

CADE has been the topic of a number of recent analyst reports. Truist Financial raised their price target on shares of Cadence Bank from $32.00 to $33.00 and gave the company a “buy” rating in a report on Monday. Citigroup lifted their target price on shares of Cadence Bank from $27.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, December 29th. Hovde Group cut shares of Cadence Bank from an “outperform” rating to a “market perform” rating and set a $32.50 price target on the stock. in a research report on Tuesday, January 30th. Royal Bank of Canada restated a “sector perform” rating and issued a $31.00 price objective on shares of Cadence Bank in a report on Wednesday, January 31st. Finally, Morgan Stanley boosted their price target on shares of Cadence Bank from $24.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong 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 $29.77.

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.