Cadence Bank (CADE) To Go Ex-Dividend on December 13th

Cadence Bank (NYSE:CADE) announced a quarterly dividend on Wednesday, October 23rd, Zacks reports. Investors of record on Friday, December 13th will be given a dividend of 0.25 per share on Thursday, January 2nd. This represents a $1.00 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Friday, December 13th.

Cadence Bank has raised its dividend by an average of 8.1% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. Cadence Bank has a payout ratio of 36.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Cadence Bank to earn $2.80 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 35.7%.

Cadence Bank Price Performance

Cadence Bank stock opened at $33.90 on Friday. The company’s fifty day moving average price is $31.78 and its 200 day moving average price is $29.94. Cadence Bank has a 1 year low of $19.94 and a 1 year high of $34.25. The stock has a market capitalization of $6.18 billion, a P/E ratio of 10.83 and a beta of 0.96. 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) last announced its earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.09. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The company had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. During the same quarter in the previous year, the company posted $0.56 EPS. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, equities research analysts anticipate that Cadence Bank will post 2.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on CADE. Hovde Group lifted their price target on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. DA Davidson boosted their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday. Barclays boosted their price objective on shares of Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a report on Wednesday. Piper Sandler lowered shares of Cadence Bank from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $33.00 to $34.00 in a report on Wednesday, July 24th. Finally, Stephens restated an “overweight” rating and issued a $35.00 price objective on shares of Cadence Bank in a report on Tuesday, July 23rd. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Cadence Bank presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.29.

About Cadence Bank

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.