Cadence Bank (NYSE:CADE) Declares Quarterly Dividend of $0.25

Cadence Bank (NYSE:CADE) announced a quarterly dividend on Wednesday, April 24th, Zacks reports. Investors of record on Friday, June 14th will be given a dividend of 0.25 per share on Monday, July 1st. This represents a $1.00 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend is Friday, June 14th.

Cadence Bank has decreased its dividend payment by an average of 5.0% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Cadence Bank has a dividend payout ratio of 36.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Cadence Bank to earn $2.75 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 36.4%.

Cadence Bank Trading Down 1.1 %

Shares of Cadence Bank stock opened at $29.06 on Friday. Cadence Bank has a 1 year low of $16.95 and a 1 year high of $31.45. The firm has a market cap of $5.31 billion, a PE ratio of 9.28 and a beta of 1.02. The stock has a fifty day moving average price of $27.71 and a 200-day moving average price of $26.55. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85.

Cadence Bank (NYSE:CADE) last announced its earnings results on Tuesday, April 23rd. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.08. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The firm had revenue of $437.69 million during the quarter, compared to analyst estimates of $427.18 million. During the same period last year, the firm posted $0.68 EPS. The business’s revenue was up 12.6% compared to the same quarter last year. Equities research analysts anticipate that Cadence Bank will post 2.39 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on CADE. Royal Bank of Canada reiterated a “sector perform” rating and set a $31.00 price target on shares of Cadence Bank in a research note on Tuesday, April 9th. Jefferies Financial Group dropped their price target on Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Monday, April 8th. Keefe, Bruyette & Woods raised their price objective on Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday. Hovde Group raised Cadence Bank from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $32.50 to $33.00 in a report on Wednesday. Finally, Truist Financial lifted their price target on Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $31.09.

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.