Cadence Bank (NYSE:CADE) Declares $0.25 Quarterly Dividend

Cadence Bank (NYSE:CADE) announced a quarterly dividend on Wednesday, October 23rd, Zacks reports. Stockholders of record on Friday, December 13th will be given a dividend of 0.25 per share on Thursday, January 2nd. This represents a $1.00 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Friday, December 13th.

Cadence Bank has raised its dividend payment by an average of 8.1% 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 36.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Cadence Bank to earn $2.80 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 35.7%.

Cadence Bank Price Performance

Cadence Bank stock opened at $33.90 on Friday. Cadence Bank has a 12 month low of $19.94 and a 12 month high of $34.25. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86. The business has a 50 day simple moving average of $31.78 and a 200-day simple moving average of $29.94. The stock has a market capitalization of $6.18 billion, a PE ratio of 10.83 and a beta of 0.96.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.64 by $0.09. The business had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.56 earnings per share. Equities analysts predict that Cadence Bank will post 2.57 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CADE. Royal Bank of Canada increased their price objective on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Stephens reissued an “overweight” rating and issued a $35.00 target price on shares of Cadence Bank in a report on Tuesday, July 23rd. Hovde Group upped their target price on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Truist Financial upped their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Jefferies Financial Group lowered their target price on Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a report on Wednesday, July 3rd. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.29.

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.