Short-term stake in Cadence Bank (NYSE:CADE) increases 30.4%

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Cadence Bank (NYSE:CADE – Get Rating) saw a sharp rise in short-term interest during the month of October. As of October 15, there was short interest totaling 6,050,000 shares, an increase of 30.4% from the total of 4,640,000 shares as of September 30. Based on an average trading volume of 1,210,000 shares, the day-to-cover ratio is currently 5.0 days.

Cadence Bank Institutional Trading

A number of large investors have recently changed their holdings in the company. Goldman Sachs Group Inc. increased its position in Cadence Bank shares by 6.2% during the first quarter. Goldman Sachs Group Inc. now owns 3,124,370 shares of the company valued at $91,419,000 after acquiring an additional 182,950 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Cadence Bank shares by 12.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 2,913,360 shares of the company valued at $68,406,000 after acquiring 330,303 additional shares in the last quarter. FMR LLC increased its position in Cadence Bank shares by 6.1% during the second quarter. FMR LLC now owns 2,344,837 shares of the company valued at $55,057,000 after acquiring an additional 135,169 shares in the last quarter. JPMorgan Chase & Co. increased its position in Cadence Bank shares by 12.7% in the 1st quarter. JPMorgan Chase & Co. now owns 1,099,488 shares of the company valued at $32,171,000 after acquiring an additional 124,162 shares in the last quarter. Finally, Fisher Asset Management LLC increased its position in Cadence Bank shares by 36.1% in the 1st quarter. Fisher Asset Management LLC now owns 1,088,351 shares of the company valued at $31,845,000 after acquiring an additional 288,802 shares in the last quarter.

Cadence Bank Price Performance

CADE stock traded at $0.74 at midday on Friday, hitting $27.60. 1,567,419 shares of the company were traded, against an average volume of 1,249,853. The company has a debt ratio of 0.12, a current ratio of 0.73 and a quick ratio of 0.71. The company has a market capitalization of $3.00 billion, a P/E ratio of 16.03 and a beta of 0.98. Cadence Bank has a 52-week low of $22.04 and a 52-week high of $34.24. The company has a fifty-day moving average price of $26.44 and a 200-day moving average price of $25.78.

Cadence Bank (NYSE:CADE – Get Rating) last released its results on Monday, July 25. The company reported earnings per share of $0.73 for the quarter, beating consensus analyst estimates of $0.66 by $0.07. The company posted revenue of $450.00 million in the quarter, compared to analyst estimates of $443.43 million. Cadence Bank achieved a return on equity of 11.92% and a net margin of 17.78%. In the same quarter of the previous year, the company achieved EPS of $0.86. As a group, analysts expect Cadence Bank to post earnings per share of 2.95 for the current year.

Cadence Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 3. Shareholders of record on Thursday, December 15 will receive a dividend of $0.22 per share. The ex-dividend date is Wednesday, December 14. This represents a dividend of $0.88 on an annualized basis and a dividend yield of 3.19%. Cadence Bank’s dividend payout ratio (DPR) is currently 51.16%.

Analyst upgrades and downgrades

CADE has been the subject of several recent research reports. Jefferies Financial Group cut its price target on Cadence Bank from $28.00 to $26.00 in a Monday, July 11 report. Stephens raised his price target on Cadence Bank to $32.00 and gave the stock an “outperform” rating in a Wednesday, July 27 report. Piper Sandler cut her price target on Cadence Bank to $33.00 in a Monday, July 4 report. Finally, Raymond James lowered his price target on Cadence Bank from $35.00 to $32.00 and set a “Strong Buy” rating for the company in a Thursday, July 7 report. Four analysts gave the stock a buy rating and one gave the company a strong buy rating. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $31.33.

About Cadence Bank

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Cadence Bank provides commercial banking and financial services in the United States. Its products and services include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, corporate and business banking, cash management, specialty and asset-based lending, commercial real estate, equipment finance and correspondent banking.

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