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

Cadence Bank (NYSE:CADE) declared a quarterly dividend on Wednesday, July 24th, Wall Street Journal reports. Shareholders of record on Friday, September 13th will be paid a dividend of 0.25 per share on Tuesday, October 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date is Friday, September 13th.

Cadence Bank has raised its dividend payment by an average of 8.1% per year over the last three years and has raised its dividend every year for the last 13 years. Cadence Bank has a payout ratio of 35.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Cadence Bank to earn $2.79 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 35.8%.

Cadence Bank Trading Up 0.0 %

Shares of Cadence Bank stock opened at $30.22 on Thursday. Cadence Bank has a fifty-two week low of $19.67 and a fifty-two week high of $34.13. The firm has a market cap of $5.51 billion, a PE ratio of 9.65 and a beta of 0.97. The business’s fifty day moving average is $30.91 and its two-hundred day moving average is $29.05. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, topping 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 in the prior year, the company posted $0.64 EPS. Analysts anticipate that Cadence Bank will post 2.56 earnings per share for the current year.

Analyst Ratings Changes

CADE has been the topic of several research reports. Truist Financial increased their target price on Cadence Bank from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Stephens reaffirmed an “overweight” rating and issued a $35.00 target price on shares of Cadence Bank in a research report on Tuesday, July 23rd. Piper Sandler downgraded Cadence Bank from an “overweight” rating to a “neutral” rating and increased their price target for the company from $33.00 to $34.00 in a report on Wednesday, July 24th. Hovde Group increased their price target on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Finally, Jefferies Financial Group lowered their price target on Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a report on Wednesday, July 3rd. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $34.54.

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.