Cadence Bank (NYSE:CADE) Sees Large Decrease in Short Interest

Cadence Bank (NYSE:CADE - Get Free Report) was the recipient of a large decrease in short interest in May. As of May 15th, there was short interest totalling 6,960,000 shares, a decrease of 22.4% from the April 30th total of 8,970,000 shares. Based on an average trading volume of 1,400,000 shares, the days-to-cover ratio is presently 5.0 days. Approximately 3.9% of the company's stock are short sold.

Cadence Bank Trading Down 0.3%

NYSE:CADE traded down $0.10 during mid-day trading on Thursday, reaching $30.13. The company's stock had a trading volume of 25,112 shares, compared to its average volume of 1,288,754. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $40.20. The firm's fifty day moving average price is $29.52 and its two-hundred day moving average price is $32.72. The stock has a market cap of $5.49 billion, a P/E ratio of 10.88 and a beta of 0.84.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.64 by $0.07. The business had revenue of $448.55 million during the quarter, compared to the consensus estimate of $451.61 million. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period in the previous year, the company posted $0.62 EPS. Analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank announced that its board has authorized a stock buyback plan on Friday, April 25th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a $0.275 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a yield of 3.65%. Cadence Bank's dividend payout ratio is presently 38.60%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Barclays reduced their target price on shares of Cadence Bank from $44.00 to $38.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Hovde Group increased their price target on shares of Cadence Bank from $32.00 to $34.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Keefe, Bruyette & Woods boosted their price target on shares of Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a research note on Friday, May 9th. Wall Street Zen cut shares of Cadence Bank from a "hold" rating to a "sell" rating in a research note on Friday, May 30th. Finally, DA Davidson reduced their price target on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Cadence Bank presently has a consensus rating of "Moderate Buy" and an average target price of $36.82.

Institutional Trading of Cadence Bank

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Strs Ohio purchased a new stake in Cadence Bank during the 1st quarter valued at $580,000. Intech Investment Management LLC boosted its position in Cadence Bank by 30.0% during the first quarter. Intech Investment Management LLC now owns 119,375 shares of the company's stock valued at $3,624,000 after purchasing an additional 27,555 shares in the last quarter. Bayforest Capital Ltd purchased a new stake in shares of Cadence Bank during the first quarter worth about $599,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Cadence Bank by 1.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 470,691 shares of the company's stock worth $14,290,000 after acquiring an additional 6,312 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Cadence Bank by 9.4% during the first quarter. Goldman Sachs Group Inc. now owns 2,831,131 shares of the company's stock worth $85,953,000 after acquiring an additional 244,146 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

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.