Cadence Bank (NYSE:CADE) Declares $0.28 Quarterly Dividend

Cadence Bank (NYSE:CADE) announced a quarterly dividend on Wednesday, April 23rd, RTT News reports. Investors of record on Friday, June 13th will be given a dividend of 0.275 per share on Tuesday, July 1st. This represents a $1.10 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date is Friday, June 13th.

Cadence Bank has increased its dividend payment by an average of 8.6% annually over the last three years and has raised its dividend every year for the last 14 years. Cadence Bank has a dividend payout ratio of 35.4% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

Shares of CADE stock opened at $29.14 on Friday. The stock has a 50 day moving average price of $29.92 and a 200 day moving average price of $33.49. The firm has a market capitalization of $5.31 billion, a P/E ratio of 10.52 and a beta of 0.87. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, April 21st. The company reported $0.71 earnings per share (EPS) 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 quarter in the prior year, the firm earned $0.62 earnings per share. As a group, sell-side analysts forecast that Cadence Bank will post 2.94 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CADE. Royal Bank of Canada lowered their target price on shares of Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating for the company in a research note on Wednesday. Stephens reiterated an “overweight” rating and issued a $40.00 price target on shares of Cadence Bank in a research note on Tuesday. Citigroup upped their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Barclays lowered their target price on shares of Cadence Bank from $44.00 to $38.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Finally, Piper Sandler dropped their price objective on shares of Cadence Bank from $38.00 to $36.00 and set a “neutral” rating on the stock in a report on Wednesday. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.