Cadence Bank (NYSE:CADE) Sees Significant Drop in Short Interest (2024)

Posted by Clark Linder on Jun 18th, 2024

Cadence Bank (NYSE:CADE – Get Free Report) was the target of a significant drop in short interest in the month of May. As of May 31st, there was short interest totalling 5,440,000 shares, a drop of 6.4% from the May 15th total of 5,810,000 shares. Based on an average daily trading volume, of 1,170,000 shares, the short-interest ratio is presently 4.6 days.

Institutional Investors Weigh In On Cadence Bank

A number of hedge funds have recently modified their holdings of the business. Janney Montgomery Scott LLC bought a new position in Cadence Bank in the 3rd quarter worth $246,000. Charles Schwab Investment Management Inc. boosted its holdings in Cadence Bank by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,939,796 shares of the company’s stock worth $41,162,000 after buying an additional 18,922 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Cadence Bank in the 3rd quarter worth $230,000. Hsbc Holdings PLC boosted its holdings in Cadence Bank by 48.1% in the 3rd quarter. Hsbc Holdings PLC now owns 322,269 shares of the company’s stock worth $6,867,000 after buying an additional 104,656 shares during the period. Finally, Federated Hermes Inc. boosted its holdings in Cadence Bank by 1.3% in the 3rd quarter. Federated Hermes Inc. now owns 190,193 shares of the company’s stock worth $4,036,000 after buying an additional 2,497 shares during the period. Institutional investors own 84.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Hovde Group upgraded shares of Cadence Bank from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $32.50 to $33.00 in a report on Wednesday, April 24th. Royal Bank of Canada reiterated a “sector perform” rating and set a $31.00 target price on shares of Cadence Bank in a report on Tuesday, April 9th. Stephens reiterated an “overweight” rating and set a $33.00 target price on shares of Cadence Bank in a report on Tuesday, April 23rd. Keefe, Bruyette & Woods lifted their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Finally, Truist Financial boosted their price objective on shares of Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Cadence Bank has a consensus rating of “Moderate Buy” and a consensus target price of $31.09.

View Our Latest Analysis on Cadence Bank

Cadence Bank Stock Performance

NYSE:CADE traded up $0.01 during trading hours on Tuesday, reaching $27.34. The company had a trading volume of 93,899 shares, compared to its average volume of 1,299,921. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09. Cadence Bank has a 52 week low of $18.97 and a 52 week high of $31.45. The firm has a market cap of $4.98 billion, a price-to-earnings ratio of 8.73 and a beta of 0.99. The firm’s 50 day moving average price is $28.23 and its 200-day moving average price is $28.16.

Cadence Bank (NYSE:CADE – Get Free Report) last issued its quarterly earnings data 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 net margin of 23.83% and a return on equity of 8.97%. 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 firm posted $0.68 EPS. The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, analysts forecast that Cadence Bank will post 2.48 EPS for the current year.

Cadence Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date of this dividend is Friday, June 14th. Cadence Bank’s payout ratio is 31.95%.

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.

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