Cadence Bank (NYSE:CADE) Sets New 1-Year High Following Dividend Announcement

Cadence Bank (NYSE:CADE) reached a new 52-week high on Wednesday after the company announced a dividend. The stock traded as high as $46.10 and last traded at $46.1570, with a volume of 344175 shares changing hands. The stock had previously closed at $44.50.

The newly announced dividend which will be paid on Friday, February 20th. Stockholders of record on Friday, January 30th will be paid a dividend of $0.3438 per share. This is an increase from Cadence Bank’s previous quarterly dividend of $0.28. This represents a $1.38 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, January 30th. Cadence Bank’s dividend payout ratio is presently 39.86%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CADE shares. Stephens lowered shares of Cadence Bank from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, October 28th. Royal Bank Of Canada raised Cadence Bank from a “hold” rating to a “moderate buy” rating in a report on Monday, October 27th. Barclays downgraded Cadence Bank from an “overweight” rating to a “hold” rating in a research report on Tuesday, October 28th. Piper Sandler set a $40.00 price target on Cadence Bank and gave the stock a “neutral” rating in a research report on Monday, October 27th. Finally, Keefe, Bruyette & Woods lowered Cadence Bank from a “moderate buy” rating to a “hold” rating and raised their price objective for the company from $41.00 to $49.00 in a report on Monday, November 3rd. Two analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $42.33.

Cadence Bank Trading Up 3.7%

The company has a fifty day moving average price of $42.18 and a two-hundred day moving average price of $38.60. The firm has a market capitalization of $8.41 billion, a price-to-earnings ratio of 16.72 and a beta of 0.95.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Blue Trust Inc. grew its holdings in shares of Cadence Bank by 7.1% in the fourth quarter. Blue Trust Inc. now owns 6,102 shares of the company’s stock valued at $261,000 after purchasing an additional 403 shares during the period. First City Capital Management Inc. boosted its holdings in Cadence Bank by 22.5% in the 4th quarter. First City Capital Management Inc. now owns 6,761 shares of the company’s stock valued at $290,000 after purchasing an additional 1,242 shares during the last quarter. Wealthcare Advisory Partners LLC boosted its holdings in Cadence Bank by 1.0% in the 4th quarter. Wealthcare Advisory Partners LLC now owns 35,192 shares of the company’s stock valued at $1,508,000 after purchasing an additional 337 shares during the last quarter. Net Worth Advisory Group grew its stake in shares of Cadence Bank by 22.2% in the 4th quarter. Net Worth Advisory Group now owns 11,798 shares of the company’s stock valued at $505,000 after buying an additional 2,140 shares during the period. Finally, SG Americas Securities LLC increased its holdings in shares of Cadence Bank by 88.1% during the 4th quarter. SG Americas Securities LLC now owns 77,959 shares of the company’s stock worth $3,340,000 after buying an additional 36,512 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Company Profile

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.