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

Allspring Global Investments Holdings LLC grew its holdings in shares of Cadence Bank (NYSE:CADE - Free Report) by 86.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 0.18% of Cadence Bank worth $9,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of Cadence Bank by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company's stock valued at $705,821,000 after purchasing an additional 191,717 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Cadence Bank by 15.0% in the 4th quarter. Northern Trust Corp now owns 2,684,312 shares of the company's stock valued at $92,475,000 after purchasing an additional 350,660 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Cadence Bank by 21.2% in the 4th quarter. First Trust Advisors LP now owns 2,634,335 shares of the company's stock valued at $90,753,000 after purchasing an additional 460,486 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Cadence Bank by 8.1% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 2,416,198 shares of the company's stock valued at $73,356,000 after purchasing an additional 181,465 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Cadence Bank by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company's stock valued at $77,678,000 after purchasing an additional 12,309 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on CADE. Wall Street Zen downgraded Cadence Bank from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. Royal Bank Of Canada reduced their price objective on Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Hovde Group upped their price objective on Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. DA Davidson reduced their price objective on Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, Keefe, Bruyette & Woods upped their price objective on Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $37.60.

Cadence Bank Price Performance

Shares of CADE traded down $0.52 on Monday, reaching $34.16. The stock had a trading volume of 1,426,232 shares, compared to its average volume of 1,313,991. The firm has a market capitalization of $6.22 billion, a PE ratio of 11.99 and a beta of 0.84. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.10. The firm has a 50-day moving average of $31.12 and a 200 day moving average of $31.77. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20.

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 for the quarter, topping analysts' consensus estimates of $0.64 by $0.07. The business had revenue of $448.55 million for the quarter, compared to analysts' expectations of $451.61 million. Cadence Bank had a return on equity of 9.95% and a net margin of 18.83%. During the same quarter in the prior year, the firm posted $0.62 EPS. Sell-side analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank declared that its Board of Directors has authorized a share repurchase program on Friday, April 25th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Cadence Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders 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 yield of 3.22%. The ex-dividend date was Friday, June 13th. Cadence Bank's dividend payout ratio (DPR) is presently 38.60%.

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.