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

Cadence Bank (NYSE:CADE) declared a quarterly dividend on Wednesday, April 24th, Zacks reports. Stockholders of record on Friday, June 14th will be paid a dividend of 0.25 per share on Monday, July 1st. This represents a $1.00 annualized dividend and a dividend yield of 3.43%. The ex-dividend date 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 every year for the last 3 years. Cadence Bank has a payout ratio of 36.2% indicating that its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

Shares of NYSE:CADE traded up $0.08 during trading on Friday, hitting $29.14. The company’s stock had a trading volume of 142,110 shares, compared to its average volume of 1,371,175. The company has a 50-day moving average of $27.71 and a 200-day moving average of $26.55. Cadence Bank has a 12 month low of $16.95 and a 12 month high of $31.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market cap of $5.32 billion, a price-to-earnings ratio of 9.28 and a beta of 1.02.

Cadence Bank (NYSE:CADE) last released its earnings results on Tuesday, April 23rd. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. The company had revenue of $437.69 million for the quarter, compared to analysts’ expectations of $427.18 million. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The firm’s revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.68 EPS. On average, sell-side analysts expect that Cadence Bank will post 2.39 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Keefe, Bruyette & Woods upped their target price on Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a research note on Wednesday. Stephens reaffirmed an “overweight” rating and set a $33.00 price target on shares of Cadence Bank in a research report on Tuesday. Citigroup boosted their target price on Cadence Bank from $27.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, December 29th. Truist Financial boosted their target price on Cadence Bank from $32.00 to $33.00 and gave the company a “buy” rating in a report on Monday, April 1st. Finally, TheStreet downgraded Cadence Bank from a “b” rating to a “c” rating in a research report on Tuesday, January 30th. 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 stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.09.

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.