Cadence Bank (NYSE:CADE) Short Interest Down 8.1% in May

Cadence Bank (NYSE:CADEGet Free Report) was the target of a significant decline in short interest in the month of May. As of May 15th, there was short interest totalling 5,810,000 shares, a decline of 8.1% from the April 30th total of 6,320,000 shares. Based on an average trading volume of 1,120,000 shares, the days-to-cover ratio is presently 5.2 days.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CADE shares. Hovde Group raised Cadence Bank from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $32.50 to $33.00 in a report on Wednesday, April 24th. Stephens reiterated an “overweight” rating and issued a $33.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $31.00 target price on shares of Cadence Bank in a research report on Tuesday, April 9th. Truist Financial lifted their price target on shares of Cadence Bank from $32.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Finally, Keefe, Bruyette & Woods upped their price target on Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $31.09.

Get Our Latest Analysis on CADE

Cadence Bank Price Performance

CADE opened at $28.19 on Tuesday. The stock has a market capitalization of $5.14 billion, a PE ratio of 9.01 and a beta of 0.99. The company’s 50 day simple moving average is $28.31 and its 200 day simple moving average is $27.94. Cadence Bank has a 1 year low of $18.93 and a 1 year high of $31.45. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.85.

Cadence Bank (NYSE:CADEGet Free Report) last posted its quarterly earnings results on Friday, April 26th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The firm had revenue of $437.69 million during the quarter, compared to the consensus estimate of $427.18 million. During the same quarter in the previous year, the business earned $0.68 earnings per share. The firm’s quarterly revenue was up 12.6% compared to the same quarter last year. As a group, sell-side analysts expect that Cadence Bank will post 2.48 EPS for the current year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.00 annualized dividend and a yield of 3.55%. Cadence Bank’s dividend payout ratio is currently 31.95%.

Institutional Trading of Cadence Bank

Institutional investors have recently added to or reduced their stakes in the business. Wolverine Asset Management LLC boosted its holdings in Cadence Bank by 952.0% in 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 purchased a new position in shares of Cadence Bank in the first quarter valued at $34,000. Hardy Reed LLC acquired a new stake in Cadence Bank during the 3rd quarter valued at $203,000. Argent Advisors Inc. purchased a new stake in Cadence Bank during the 1st quarter worth $204,000. Finally, Moody Lynn & Lieberson LLC purchased a new stake in Cadence Bank during the 4th quarter worth $205,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

About Cadence Bank

(Get Free Report)

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.

Further Reading

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