Cadence Bank (NYSE:CADE) Announces Quarterly Dividend of $0.34

Cadence Bank (NYSE:CADE) declared a quarterly dividend on Tuesday, January 20th. Shareholders of record on Friday, January 30th will be given a dividend of 0.3438 per share on Friday, February 20th. This represents a c) annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Friday, January 30th. This is a 25.0% increase from Cadence Bank’s previous quarterly dividend of $0.28.

Cadence Bank has raised its dividend by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 14 consecutive years. Cadence Bank has a payout ratio of 32.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Cadence Bank to earn $3.20 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 34.4%.

Cadence Bank Price Performance

Shares of NYSE CADE opened at $44.50 on Wednesday. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $46.02. The firm has a market cap of $8.11 billion, a PE ratio of 16.12 and a beta of 0.95. The business has a fifty day simple moving average of $42.18 and a two-hundred day simple moving average of $38.60.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 20th. The company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.77 by $0.04. Cadence Bank had a return on equity of 9.97% and a net margin of 18.15%.The firm had revenue of $517.24 million for the quarter, compared to analyst estimates of $523.60 million. During the same quarter last year, the firm posted $0.73 earnings per share. On average, research analysts expect that Cadence Bank will post 2.94 earnings per share for the current year.

Hedge Funds Weigh In On Cadence Bank

A number of large investors have recently made changes to their positions in the business. North Reef Capital Management LP acquired a new stake in shares of Cadence Bank in the 3rd quarter worth $264,845,000. Channing Capital Management LLC purchased a new stake in Cadence Bank in the second quarter valued at about $75,681,000. Norges Bank acquired a new stake in Cadence Bank in the second quarter worth about $71,235,000. William Blair Investment Management LLC boosted its holdings in Cadence Bank by 196.8% in the third quarter. William Blair Investment Management LLC now owns 2,544,499 shares of the company’s stock worth $95,520,000 after acquiring an additional 1,687,329 shares in the last quarter. Finally, State Street Corp grew its stake in shares of Cadence Bank by 10.1% during the third quarter. State Street Corp now owns 9,387,354 shares of the company’s stock worth $354,728,000 after acquiring an additional 864,229 shares during the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

About Cadence Bank

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.