Cadence Bank (NYSE:CADE) Plans Dividend Increase – $0.28 Per Share

Cadence Bank (NYSE:CADE) declared a quarterly dividend on Thursday, January 23rd,Wall Street Journal reports. Stockholders of record on Friday, March 14th will be paid a dividend of 0.275 per share on Tuesday, April 1st. This represents a $1.10 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25.

Cadence Bank has increased its dividend payment by an average of 8.6% per year over the last three years and has raised its dividend every year for the last 13 years. Cadence Bank has a dividend payout ratio of 32.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Cadence Bank to earn $2.87 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 34.8%.

Cadence Bank Stock Down 5.0 %

Shares of CADE traded down $1.80 during midday trading on Thursday, hitting $34.11. The company had a trading volume of 1,169,204 shares, compared to its average volume of 1,244,510. The company’s 50-day simple moving average is $36.11 and its 200-day simple moving average is $33.46. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market capitalization of $6.22 billion, a P/E ratio of 9.81 and a beta of 1.00. Cadence Bank has a 1 year low of $24.99 and a 1 year high of $40.20.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.02. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. During the same period in the previous year, the firm posted $0.40 earnings per share. As a group, sell-side analysts expect that Cadence Bank will post 2.71 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CADE. Stephens restated an “overweight” rating and set a $42.00 target price on shares of Cadence Bank in a research note on Thursday. Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $41.00 to $44.00 in a research note on Thursday, December 19th. Keefe, Bruyette & Woods boosted their target price on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Royal Bank of Canada boosted their target price on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Finally, DA Davidson lifted their price target on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Cadence Bank presently has a consensus rating of “Moderate Buy” and an average price target of $37.95.

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.