Cadence Bank (NYSE:CADE) Sees Large Increase in Short Interest

Cadence Bank (NYSE:CADE) was the recipient of a significant increase in short interest in July. As of July 31st, there was short interest totalling 6,970,000 shares, an increase of 9.9% from the July 15th total of 6,340,000 shares. Based on an average trading volume of 1,400,000 shares, the days-to-cover ratio is presently 5.0 days.

Wall Street Analyst Weigh In

A number of analysts recently commented on CADE shares. Piper Sandler downgraded shares of Cadence Bank from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $33.00 to $34.00 in a report on Wednesday, July 24th. Morgan Stanley increased their price objective on Cadence Bank from $30.00 to $36.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Hovde Group raised their price objective on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Truist Financial boosted their target price on Cadence Bank from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, Stephens reiterated an “overweight” rating and issued a $35.00 price target on shares of Cadence Bank in a research report on Tuesday, July 23rd. Six equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.54.

Cadence Bank Stock Up 0.9 %

Shares of CADE stock traded up $0.28 during trading on Monday, hitting $30.94. 178,866 shares of the company were exchanged, compared to its average volume of 1,348,083. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of 9.80 and a beta of 0.98. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.86 and a current ratio of 0.86. The business’s 50-day simple moving average is $29.56 and its 200 day simple moving average is $28.46. Cadence Bank has a twelve month low of $19.67 and a twelve month high of $34.13.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Monday, July 22nd. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.61 by $0.08. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The business had revenue of $742.87 million for the quarter, compared to analysts’ expectations of $439.63 million. During the same period in the previous year, the company posted $0.64 EPS. As a group, analysts forecast that Cadence Bank will post 2.54 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, September 13th. This represents a $1.00 annualized dividend and a yield of 3.23%. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Institutional Investors Weigh In On Cadence Bank

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its stake in shares of Cadence Bank by 77.0% in the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after purchasing an additional 436 shares in the last quarter. Wolverine Asset Management LLC lifted its holdings in shares of Cadence Bank by 952.0% during the 4th quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after acquiring an additional 952 shares during the period. Rise Advisors LLC acquired a new stake in shares of Cadence Bank during the 1st quarter valued at about $34,000. Innealta Capital LLC acquired a new position in Cadence Bank in the second quarter worth about $138,000. Finally, Argent Advisors Inc. acquired a new stake in Cadence Bank during the first quarter valued at approximately $204,000. 84.61% of the stock is owned by institutional investors and hedge funds.

About Cadence Bank

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.