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

Cadence Bank (NYSE:CADE - Get Free Report) was the recipient of a large decrease in short interest during the month of January. As of January 15th, there was short interest totalling 5,240,000 shares, a decrease of 5.1% from the December 31st total of 5,520,000 shares. Based on an average trading volume of 1,210,000 shares, the short-interest ratio is currently 4.3 days.

Cadence Bank Price Performance

Shares of CADE stock traded up $0.35 during trading hours on Wednesday, hitting $35.33. 445,206 shares of the company's stock were exchanged, compared to its average volume of 1,219,230. The stock's 50-day moving average is $35.56 and its 200-day moving average is $33.79. The stock has a market cap of $6.44 billion, a price-to-earnings ratio of 12.76 and a beta of 0.99. Cadence Bank has a 52 week low of $24.99 and a 52 week high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.68 by $0.02. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same quarter in the previous year, the company earned $0.40 EPS. Equities research analysts forecast that Cadence Bank will post 2.92 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a dividend of $0.275 per share. This is a positive change from Cadence Bank's previous quarterly dividend of $0.25. The ex-dividend date is Friday, March 14th. This represents a $1.10 annualized dividend and a dividend yield of 3.11%. Cadence Bank's payout ratio is 36.10%.

Institutional Trading of Cadence Bank

Several institutional investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in shares of Cadence Bank during the 3rd quarter worth $25,000. Brooklyn Investment Group bought a new position in Cadence Bank in the fourth quarter worth approximately $26,000. Mather Group LLC. raised its stake in shares of Cadence Bank by 716.2% in the fourth quarter. Mather Group LLC. now owns 808 shares of the company's stock worth $28,000 after purchasing an additional 709 shares during the last quarter. Keystone Financial Group Inc. purchased a new stake in shares of Cadence Bank in the fourth quarter worth approximately $31,000. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Cadence Bank during the third quarter valued at approximately $32,000. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CADE has been the topic of several research reports. Keefe, Bruyette & Woods raised their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. Stephens reissued an "overweight" rating and set a $42.00 price target on shares of Cadence Bank in a research report on Thursday, January 23rd. DA Davidson raised their price target on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. Truist Financial raised their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Finally, Barclays upgraded Cadence Bank from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $41.00 to $44.00 in a research note on Thursday, December 19th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Cadence Bank has an average rating of "Moderate Buy" and an average price target of $38.50.

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.