Cadence Bank (NYSE:CADE) Raises Dividend to $0.28 Per Share

Cadence Bank (NYSE:CADE) declared a quarterly dividend on Wednesday, January 22nd,RTT News reports. Stockholders of record on Wednesday, February 5th will be given a dividend of 0.275 per share on Thursday, February 20th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.06%. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25.

Cadence Bank has raised its dividend payment by an average of 8.6% per year over the last three years and has increased its dividend every year for the last 13 years. Cadence Bank has a payout ratio of 32.1% indicating that its dividend is sufficiently covered by earnings. Equities 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 Price Performance

NYSE CADE opened at $35.93 on Thursday. 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’s 50 day moving average price is $36.11 and its 200-day moving average price is $33.46. Cadence Bank has a 52-week low of $24.99 and a 52-week high of $40.20. The company has a market cap of $6.55 billion, a PE ratio of 10.32 and a beta of 1.00.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. During the same quarter in the prior year, the firm earned $0.40 EPS. Sell-side analysts forecast that Cadence Bank will post 2.71 EPS for the current fiscal year.

Analyst Ratings Changes

CADE has been the subject of several recent analyst reports. DA Davidson raised their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $41.00 to $44.00 in a research note on Thursday, December 19th. Royal Bank of Canada lifted their price objective on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their price objective on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.32.

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.