Cadence Bank (NYSE:CADE) Increases Dividend to $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 annualized dividend and a dividend yield of 3.06%. 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% annually over the last three years and has increased its dividend every year for the last 13 years. Cadence Bank has a dividend payout ratio of 32.1% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Down 0.0 %

CADE opened at $35.93 on Thursday. The firm has a 50-day simple moving average of $36.11 and a two-hundred day simple moving average of $33.46. Cadence Bank has a 52 week low of $24.99 and a 52 week high of $40.20. The company has a market capitalization of $6.55 billion, a PE ratio of 10.32 and a beta of 1.00. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.68 by $0.02. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. During the same quarter in the prior year, the firm posted $0.40 earnings per share. Analysts forecast that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CADE has been the subject of a number of analyst reports. Keefe, Bruyette & Woods increased their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Truist Financial increased their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. DA Davidson increased their price target 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. Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $41.00 to $44.00 in a report on Thursday, December 19th. Finally, Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $36.00 to $39.00 in a report on Monday, September 30th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $37.32.

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.