Cadence Bank (NYSE:CADE) Increases Dividend to $0.28 Per Share

Cadence Bank (NYSE:CADE) declared a quarterly dividend on Thursday, January 23rd,Wall Street Journal reports. Shareholders of record on Friday, March 14th will be given a dividend of 0.275 per share on Tuesday, April 1st. This represents a $1.10 dividend on an annualized basis 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 raised its dividend by an average of 8.6% 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 32.1% indicating that its dividend is sufficiently covered by earnings. Equities 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

Cadence Bank stock opened at $34.19 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 52 week low of $24.99 and a 52 week high of $40.20. The firm has a market cap of $6.23 billion, a P/E ratio of 9.82 and a beta of 1.00. The business’s fifty day moving average is $36.03 and its two-hundred day moving average is $33.47.

Cadence Bank (NYSE:CADE) last issued its quarterly 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 quarter last year, the firm earned $0.40 EPS. Equities research analysts forecast that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CADE shares. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $36.00 to $39.00 in a research note on Monday, September 30th. DA Davidson upped their price objective on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Royal Bank of Canada upped 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. Stephens reiterated an “overweight” rating and issued a $42.00 price objective on shares of Cadence Bank in a report on Thursday. Finally, Truist Financial upped their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.