Cadence Bank (NYSE:CADE) Short Interest Up 8.1% in October

Cadence Bank (NYSE:CADE) was the recipient of a large increase in short interest in the month of October. As of October 15th, there was short interest totalling 5,580,000 shares, an increase of 8.1% from the September 30th total of 5,160,000 shares. Based on an average daily volume of 1,270,000 shares, the short-interest ratio is presently 4.4 days.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CADE. Royal Bank of Canada boosted their target price on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Hovde Group lifted their price target on shares of Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. DA Davidson increased their price objective on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Barclays boosted their target price on Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Finally, Truist Financial increased their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating, six have given 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 $35.29.

Cadence Bank Trading Down 1.9 %

Shares of NYSE:CADE opened at $33.43 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. Cadence Bank has a 12-month low of $20.83 and a 12-month high of $34.85. The business has a 50 day moving average of $32.06 and a two-hundred day moving average of $30.15. The company has a market capitalization of $6.09 billion, a PE ratio of 9.61 and a beta of 0.96.

Cadence Bank (NYSE:CADE) last posted its earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.09. The firm had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The business’s revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.56 EPS. As a group, analysts forecast that Cadence Bank will post 2.69 EPS for the current year.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.99%. Cadence Bank’s payout ratio is 28.74%.

Institutional Trading of Cadence Bank

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Americana Partners LLC purchased a new stake in shares of Cadence Bank during the third quarter worth about $201,000. US Bancorp DE lifted its position in shares of Cadence Bank by 8.5% in the third quarter. US Bancorp DE now owns 22,839 shares of the company’s stock valued at $727,000 after acquiring an additional 1,781 shares in the last quarter. New York State Teachers Retirement System boosted its stake in shares of Cadence Bank by 0.8% in the third quarter. New York State Teachers Retirement System now owns 223,359 shares of the company’s stock worth $7,114,000 after acquiring an additional 1,762 shares during the last quarter. Arbor Investment Advisors LLC increased its position in shares of Cadence Bank by 7.4% during the third quarter. Arbor Investment Advisors LLC now owns 77,246 shares of the company’s stock worth $2,460,000 after purchasing an additional 5,329 shares in the last quarter. Finally, Leuthold Group LLC acquired a new position in Cadence Bank in the 3rd quarter valued at $2,743,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.