Cadence Bank (NYSE:CADE) Raises Dividend to $0.28 Per Share

Cadence Bank (NYSE:CADE) declared a quarterly dividend on Thursday, January 23rd,Wall Street Journal reports. Shareholders 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 yield of 3.22%. The ex-dividend date of this dividend 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 32.1% meaning its dividend is sufficiently covered by earnings. 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 Performance

CADE opened at $34.19 on Friday. The stock has a market cap of $6.23 billion, a PE ratio of 9.82 and a beta of 1.00. 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 1 year low of $24.99 and a 1 year high of $40.20. The stock’s 50 day simple moving average is $36.03 and its 200-day simple moving average is $33.47.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 previous year, the firm earned $0.40 EPS. Sell-side analysts forecast that Cadence Bank will post 2.71 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CADE. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $36.00 to $39.00 in a research report on Monday, September 30th. Stephens restated an “overweight” rating and set a $42.00 price objective on shares of Cadence Bank in a research report on Thursday. Barclays raised Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $41.00 to $44.00 in a research note on Thursday, December 19th. Truist Financial boosted their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Royal Bank of Canada boosted their price target 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. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Cadence Bank has an average rating of “Moderate Buy” and a consensus price target of $37.95.

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.