Cadence Bank (NYSE:CADE) Announces Quarterly Dividend of $0.28

Cadence Bank (NYSE:CADE) announced a quarterly dividend on Wednesday, January 22nd,RTT News reports. Investors of record on Wednesday, February 5th will be given a dividend of 0.275 per share on Thursday, February 20th. This represents a $1.10 annualized dividend and a dividend yield of 3.06%. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25.

Cadence Bank has raised its dividend payment by an average of 8.6% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. Cadence Bank has a dividend payout ratio of 32.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Cadence Bank to earn $2.87 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 34.8%.

Cadence Bank Stock Down 0.0 %

CADE traded down $0.00 during trading on Wednesday, hitting $35.93. 1,577,192 shares of the company’s stock traded hands, compared to its average volume of 1,249,599. The company’s 50 day simple moving average is $36.16 and its two-hundred day simple moving average is $33.44. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. Cadence Bank has a 12-month low of $24.99 and a 12-month high of $40.20. The stock has a market capitalization of $6.55 billion, a price-to-earnings ratio of 10.32 and a beta of 1.00.

Cadence Bank (NYSE:CADE) last issued its earnings results on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.68 by $0.02. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. During the same quarter in the prior year, the business posted $0.40 EPS. Analysts predict that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on CADE shares. Royal Bank of Canada increased their target price on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. DA Davidson increased their target price on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods increased their price target on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $36.00 to $39.00 in a report on Monday, September 30th. Finally, Truist Financial increased their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $37.32.

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.