Cadence Bank (NYSE:CADE) Initiates Share Buyback Plan

Cadence Bank (NYSE:CADE) declared that its Board of Directors has initiated a share buyback program on Friday, April 25th, RTT News reports. The company plans to repurchase 10,000,000 shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Cadence Bank Price Performance

Shares of Cadence Bank stock opened at $28.86 on Monday. The firm has a market cap of $5.26 billion, a P/E ratio of 10.42 and a beta of 0.87. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20. The firm has a 50 day simple moving average of $29.81 and a 200 day simple moving average of $33.51.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.07. The company had revenue of $448.55 million for the quarter, compared to analysts’ expectations of $451.61 million. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period in the previous year, the business posted $0.62 earnings per share. On average, sell-side analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank’s payout ratio is currently 38.60%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CADE. Royal Bank of Canada decreased their price target on Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. Stephens restated an “overweight” rating and issued a $40.00 target price on shares of Cadence Bank in a research note on Tuesday, April 22nd. Morgan Stanley dropped their target price on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Hovde Group reduced their price target on shares of Cadence Bank from $40.00 to $35.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 2nd. Finally, Piper Sandler decreased their price objective on shares of Cadence Bank from $38.00 to $36.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 23rd. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.36.

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.