Allspring Global Investments Holdings LLC Buys 26,135 Shares of Cadence Bank $CADE

Key Points

• Allspring Global Investments Holdings LLC has increased its stake in Cadence Bank by 8.2%, acquiring an additional 26,135 shares, bringing its total ownership to 345,586 shares worth approximately $11.56 million.
• Cadence Bank reported earnings of $0.73 per share for the last quarter, surpassing analyst expectations, while the company has an anticipated 2.94 EPS for the current year.
• The company recently announced a quarterly dividend of $0.275 per share, translating to an annual yield of 3.0%, indicating a healthy payout ratio of 39.15%.

Allspring Global Investments Holdings LLC raised its stake in shares of Cadence Bank (NYSE:CADE - Free Report) by 8.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 345,586 shares of the company's stock after buying an additional 26,135 shares during the period. Allspring Global Investments Holdings LLC owned 0.19% of Cadence Bank worth $11,556,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CADE. GAMMA Investing LLC raised its holdings in Cadence Bank by 55.3% during the first quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after buying an additional 1,030 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in 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 in the last quarter. State of Alaska Department of Revenue raised its holdings in 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 in the last quarter. Johnson Investment Counsel Inc. raised its holdings in 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 in the last quarter. Finally, Blue Trust Inc. increased its stake in shares of Cadence Bank by 11.8% in the first quarter. Blue Trust Inc. now owns 6,615 shares of the company's stock worth $201,000 after purchasing an additional 700 shares during the period. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Stock Up 2.1%

CADE stock opened at $36.57 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25. The business's 50-day simple moving average is $37.28 and its 200 day simple moving average is $33.45. The company has a market cap of $6.66 billion, a PE ratio of 13.01 and a beta of 0.88. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.23.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.04. The company had revenue of $476.32 million for the quarter, compared to the consensus estimate of $467.60 million. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.During the same period in the previous year, the business earned $0.73 earnings per share. On average, research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, September 15th. Cadence Bank's payout ratio is presently 39.15%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CADE. Weiss Ratings reiterated a "hold (c+)" rating on shares of Cadence Bank in a research note on Wednesday, October 8th. Piper Sandler lifted their price objective on Cadence Bank from $42.00 to $43.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Morgan Stanley lifted their price objective on Cadence Bank from $38.00 to $47.00 and gave the stock an "overweight" rating in a research note on Monday, September 29th. DA Davidson lifted their price objective on Cadence Bank from $37.00 to $42.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Finally, Stephens lifted their price objective on Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $42.00.

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.

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