Allspring Global Investments Holdings LLC Purchases New Position in Cadence Bank (NYSE:CADE)

Allspring Global Investments Holdings LLC acquired a new position in Cadence Bank (NYSE:CADE - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 173,018 shares of the company's stock, valued at approximately $5,511,000. Allspring Global Investments Holdings LLC owned approximately 0.09% of Cadence Bank at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Cadence Bank by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company's stock worth $587,867,000 after purchasing an additional 940,895 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Cadence Bank by 6.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company's stock worth $277,874,000 after purchasing an additional 593,878 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of Cadence Bank by 14.8% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company's stock worth $51,034,000 after purchasing an additional 227,395 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Cadence Bank during the 3rd quarter worth about $1,364,000. Finally, Seven Eight Capital LP purchased a new stake in shares of Cadence Bank during the 2nd quarter worth about $1,198,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Stock Performance

Shares of NYSE:CADE traded up $0.74 during trading on Monday, hitting $33.83. 929,036 shares of the stock were exchanged, compared to its average volume of 1,323,110. Cadence Bank has a 1-year low of $20.83 and a 1-year high of $34.25. The company has a market capitalization of $6.16 billion, a price-to-earnings ratio of 10.57 and a beta of 0.96. The company's fifty day simple moving average is $31.83 and its 200-day simple moving average is $30.00. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.86 and a current ratio of 0.86.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.09. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The company had revenue of $447.36 million for the quarter, compared to analyst estimates of $450.97 million. During the same quarter last year, the firm earned $0.56 EPS. Cadence Bank's revenue for the quarter was up 11.0% compared to the same quarter last year. Sell-side analysts expect that Cadence Bank will post 2.57 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank's payout ratio is presently 31.95%.

Wall Street Analyst Weigh In

CADE has been the subject of a number of recent research reports. DA Davidson raised their price target on Cadence Bank from $36.00 to $40.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Stephens reissued an "overweight" rating and issued a $35.00 price objective on shares of Cadence Bank in a research note on Tuesday, July 23rd. Jefferies Financial Group cut their price objective on Cadence Bank from $31.00 to $29.00 and set a "hold" rating on the stock in a research note on Wednesday, July 3rd. Morgan Stanley raised Cadence Bank from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Finally, Truist Financial raised their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $35.29.

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.