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

Cadence Bank (NYSE:CADE) was the target of a large decline in short interest in November. As of November 30th, there was short interest totalling 5,170,000 shares, a decline of 7.5% from the November 15th total of 5,590,000 shares. Based on an average daily trading volume, of 1,280,000 shares, the days-to-cover ratio is presently 4.0 days.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Barclays upped their price objective on shares of Cadence Bank from $37.00 to $41.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Truist Financial increased their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods raised their price objective on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Finally, Royal Bank of Canada lifted their price target on shares of Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Cadence Bank has a consensus rating of “Moderate Buy” and a consensus target price of $36.63.

Institutional Investors Weigh In On Cadence Bank

A number of institutional investors have recently bought and sold shares of CADE. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Cadence Bank by 10.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 70,493 shares of the company’s stock worth $1,994,000 after buying an additional 6,685 shares in the last quarter. Raymond James & Associates boosted its stake in shares of Cadence Bank by 0.7% in the 2nd quarter. Raymond James & Associates now owns 256,623 shares of the company’s stock valued at $7,257,000 after purchasing an additional 1,833 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Cadence Bank by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock valued at $59,071,000 after purchasing an additional 36,323 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Cadence Bank by 4.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,534 shares of the company’s stock worth $1,175,000 after purchasing an additional 1,656 shares during the last quarter. Finally, Innealta Capital LLC acquired a new stake in shares of Cadence Bank during the 2nd quarter worth about $138,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Stock Performance

Cadence Bank stock traded down $0.92 during mid-day trading on Tuesday, reaching $35.71. The company had a trading volume of 881,654 shares, compared to its average volume of 1,300,051. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The firm has a market cap of $6.51 billion, a price-to-earnings ratio of 10.26 and a beta of 0.98. The company has a 50 day moving average of $35.90 and a 200-day moving average of $32.24. Cadence Bank has a 52 week low of $24.99 and a 52 week high of $40.20.

Cadence Bank (NYSE:CADE) last released its earnings results on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. The business had revenue of $447.36 million for the quarter, compared to the consensus estimate of $450.97 million. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period last year, the business earned $0.56 earnings per share. On average, sell-side analysts expect that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 annualized dividend and a yield of 2.80%. Cadence Bank’s dividend payout ratio (DPR) is currently 28.74%.

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.