Cadence Bank to Issue Quarterly Dividend of $0.25 (NYSE:CADE)

Cadence Bank (NYSE:CADE) announced a quarterly dividend on Wednesday, July 24th, Wall Street Journal reports. Stockholders of record on Friday, September 13th will be given a dividend of 0.25 per share on Tuesday, October 1st. This represents a $1.00 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Friday, September 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 every year for the last 13 years. Cadence Bank has a payout ratio of 36.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Cadence Bank to earn $2.76 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 36.2%.

Cadence Bank Price Performance

CADE stock opened at $33.37 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.85 and a current ratio of 0.86. The business has a 50-day simple moving average of $28.88 and a two-hundred day simple moving average of $28.26. The company has a market capitalization of $6.08 billion, a P/E ratio of 10.66 and a beta of 0.98. Cadence Bank has a 52-week low of $19.67 and a 52-week high of $34.13.

Cadence Bank (NYSE:CADE) last posted its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The company had revenue of $742.87 million for the quarter, compared to analyst estimates of $439.63 million. During the same quarter last year, the company earned $0.64 earnings per share. Research analysts expect that Cadence Bank will post 2.51 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CADE shares. Truist Financial upped their target price on shares of Cadence Bank from $31.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday. Stephens restated an “overweight” rating and issued a $35.00 target price on shares of Cadence Bank in a research note on Tuesday. Jefferies Financial Group decreased their price target on Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, July 3rd. Keefe, Bruyette & Woods boosted their price objective on Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Finally, Barclays raised their target price on Cadence Bank from $30.00 to $33.00 and gave the company an “equal weight” rating in a research report on Wednesday. Six research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cadence Bank has a consensus rating of “Moderate Buy” and a consensus target price of $33.79.

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.