Cadence Bank (NYSE:CADE) Declares Dividend Increase – $0.28 Per Share

Cadence Bank (NYSE:CADE) declared a quarterly dividend on Thursday, January 23rd,Wall Street Journal reports. Stockholders of record on Friday, March 14th will be paid a dividend of 0.275 per share on Tuesday, April 1st. This represents a $1.10 annualized dividend and a dividend yield of 3.13%. The ex-dividend date is Friday, March 14th. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25.

Cadence Bank has increased its dividend by an average of 8.6% annually over the last three years and has raised its dividend every year for the last 13 years. Cadence Bank has a dividend payout ratio of 35.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Cadence Bank to earn $3.19 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 34.5%.

Cadence Bank Price Performance

Cadence Bank stock opened at $35.13 on Friday. The company has a market capitalization of $6.40 billion, a price-to-earnings ratio of 12.68 and a beta of 1.00. The stock’s 50 day moving average is $35.98 and its 200-day moving average is $33.52. 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.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.98%. During the same period in the prior year, the business earned $0.40 earnings per share. Equities research analysts expect that Cadence Bank will post 2.87 EPS for the current year.

Wall Street Analysts Forecast Growth

CADE has been the topic of a number of research reports. DA Davidson boosted their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Keefe, Bruyette & Woods raised their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $41.00 to $44.00 in a research report on Thursday, December 19th. Finally, Truist Financial lifted their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note 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 given a strong buy rating to the stock. Based on data from MarketBeat, Cadence Bank presently has an average rating of “Moderate Buy” and an average target price of $38.14.

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.