Cadence Bank (NYSE:CADE) Short Interest Down 21.8% in December

Cadence Bank (NYSE:CADE) was the target of a significant decline in short interest during the month of December. As of December 31st, there was short interest totaling 6,213,156 shares, a decline of 21.8% from the December 15th total of 7,947,918 shares. Based on an average daily volume of 1,641,535 shares, the days-to-cover ratio is currently 3.8 days. Currently, 3.5% of the shares of the stock are sold short. Currently, 3.5% of the shares of the stock are sold short. Based on an average daily volume of 1,641,535 shares, the days-to-cover ratio is currently 3.8 days.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Stephens lowered shares of Cadence Bank from an “overweight” rating to an “equal weight” rating in a report on Tuesday, October 28th. Royal Bank Of Canada raised Cadence Bank from a “hold” rating to a “moderate buy” rating in a research note on Monday, October 27th. Weiss Ratings restated a “hold (c+)” rating on shares of Cadence Bank in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods cut Cadence Bank from a “moderate buy” rating to a “hold” rating and upped their price objective for the stock from $41.00 to $49.00 in a report on Monday, November 3rd. Finally, Barclays cut Cadence Bank from an “overweight” rating to a “hold” rating in a report on Tuesday, October 28th. Two investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $42.33.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Gamco Investors INC. ET AL boosted its position in shares of Cadence Bank by 77.1% during the second quarter. Gamco Investors INC. ET AL now owns 148,550 shares of the company’s stock valued at $4,751,000 after purchasing an additional 64,690 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Cadence Bank during the second quarter valued at $8,835,000. Strs Ohio bought a new stake in shares of Cadence Bank during the 1st quarter valued at $580,000. Nordea Investment Management AB grew its position in shares of Cadence Bank by 1.6% in the 2nd quarter. Nordea Investment Management AB now owns 101,585 shares of the company’s stock worth $3,266,000 after buying an additional 1,560 shares during the period. Finally, Capital Fund Management S.A. bought a new position in shares of Cadence Bank in the 2nd quarter worth about $561,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Price Performance

NYSE CADE traded up $0.17 during trading on Friday, hitting $44.57. 1,814,667 shares of the company’s stock traded hands, compared to its average volume of 2,083,489. The stock has a fifty day moving average of $41.94 and a two-hundred day moving average of $38.43. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $46.02. The firm has a market cap of $8.12 billion, a P/E ratio of 16.15 and a beta of 0.95.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Monday, October 20th. The company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.77 by $0.04. Cadence Bank had a return on equity of 9.97% and a net margin of 18.15%.The firm had revenue of $517.24 million for the quarter, compared to the consensus estimate of $523.60 million. During the same quarter in the previous year, the business earned $0.73 earnings per share. As a group, analysts expect that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 15th were given a $0.275 dividend. The ex-dividend date was Monday, December 15th. This represents a $1.10 annualized dividend and a yield of 2.5%. Cadence Bank’s payout ratio is presently 39.86%.

Cadence Bank Company Profile

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.