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

Cadence Bank (NYSE:CADE) declared a quarterly dividend on Wednesday, January 22nd,RTT News reports. Shareholders 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 dividend on an annualized basis and a yield of 3.22%. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25.

Cadence Bank has raised 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 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 Price Performance

CADE stock opened at $34.19 on Friday. Cadence Bank has a 1 year low of $24.99 and a 1 year high of $40.20. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $6.23 billion, a PE ratio of 9.82 and a beta of 1.00. The business has a 50 day simple moving average of $36.03 and a 200-day simple moving average of $33.47.

Cadence Bank (NYSE:CADE) last issued its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share (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 period in the previous year, the company posted $0.40 earnings per share. Equities research analysts anticipate that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on CADE. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $41.00 to $44.00 in a report on Thursday, December 19th. Royal Bank of Canada raised their target price on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $36.00 to $39.00 in a research report on Monday, September 30th. DA Davidson lifted their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Stephens reiterated an “overweight” rating and issued a $42.00 price objective on shares of Cadence Bank in a report on Thursday. Three investment 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 company. Based on data from MarketBeat.com, Cadence Bank has a consensus rating of “Moderate Buy” and a consensus price target of $37.95.

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.