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

Cadence Bank (NYSE:CADE) declared a quarterly dividend on Thursday, January 23rd,Wall Street Journal reports. Investors 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 a boost from Cadence Bank’s previous quarterly dividend of $0.25.

Cadence Bank has increased 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% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of NYSE:CADE traded down $1.80 during midday trading on Thursday, reaching $34.11. 1,169,204 shares of the company’s stock traded hands, compared to its average volume of 1,244,510. Cadence Bank has a 1 year low of $24.99 and a 1 year high of $40.20. The company has a market cap of $6.22 billion, a P/E ratio of 9.81 and a beta of 1.00. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The company has a fifty day simple moving average of $36.11 and a two-hundred day simple moving average of $33.46.

Cadence Bank (NYSE:CADE) last announced its earnings results 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 last year, the business posted $0.40 EPS. Equities analysts predict that Cadence Bank will post 2.71 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CADE. Royal Bank of Canada raised their price objective on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. DA Davidson raised their target price on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Stephens reaffirmed an “overweight” rating and issued a $42.00 target price on shares of Cadence Bank in a research note on Thursday. Truist Financial raised their target price on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Barclays raised Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $41.00 to $44.00 in a research note on Thursday, December 19th. Three 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, Cadence Bank has a consensus rating of “Moderate Buy” and a consensus target price 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.