Allspring Global Investments Holdings LLC Increases Holdings in Cadence Bank (NYSE:CADE)

Allspring Global Investments Holdings LLC lifted its position in shares of Cadence Bank (NYSE:CADE) by 86.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 319,451 shares of the company’s stock after buying an additional 147,791 shares during the period. Allspring Global Investments Holdings LLC owned about 0.18% of Cadence Bank worth $9,699,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Victory Capital Management Inc. increased its stake in Cadence Bank by 1.4% in the 4th quarter. Victory Capital Management Inc. now owns 50,453 shares of the company’s stock worth $1,738,000 after purchasing an additional 685 shares during the period. State of Alaska Department of Revenue increased its stake in shares of Cadence Bank by 3.1% during the first quarter. State of Alaska Department of Revenue now owns 21,500 shares of the company’s stock valued at $652,000 after buying an additional 640 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Cadence Bank by 2.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 69,707 shares of the company’s stock valued at $2,116,000 after buying an additional 1,670 shares during the period. Johnson Investment Counsel Inc. increased its stake in shares of Cadence Bank by 8.6% during the first quarter. Johnson Investment Counsel Inc. now owns 7,317 shares of the company’s stock valued at $222,000 after buying an additional 578 shares during the period. Finally, GTS Securities LLC purchased a new position in shares of Cadence Bank during the fourth quarter valued at approximately $454,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CADE has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their target price on Cadence Bank from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, May 9th. Morgan Stanley dropped their price target on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Stephens reaffirmed an “overweight” rating and issued a $40.00 price target on shares of Cadence Bank in a research note on Tuesday, April 22nd. Barclays reduced their price target on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Finally, Piper Sandler reduced their price target on Cadence Bank from $38.00 to $36.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $37.60.

Cadence Bank Trading Up 0.7%

Cadence Bank stock opened at $34.24 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.10. The business’s fifty day simple moving average is $30.91 and its two-hundred day simple moving average is $31.80. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20. The company has a market capitalization of $6.24 billion, a price-to-earnings ratio of 12.01 and a beta of 0.84.

Cadence Bank (NYSE:CADE) last announced 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 firm had revenue of $448.55 million for the quarter, compared to the consensus estimate of $451.61 million. Cadence Bank had a return on equity of 9.95% and a net margin of 18.83%. During the same period in the prior year, the company posted $0.62 earnings per share. As a group, equities analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend was Friday, June 13th. Cadence Bank’s payout ratio is currently 38.60%.

Cadence Bank declared that its Board of Directors has initiated a share repurchase plan on Friday, April 25th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Cadence Bank 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.