Cadence Bank (NYSE:CADE) Plans Quarterly Dividend of $0.28

Cadence Bank (NYSE:CADE) announced a quarterly dividend on Wednesday, January 22nd, Wall Street Journal reports. Stockholders of record on Friday, March 14th will be given a dividend of 0.275 per share on Tuesday, April 1st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date of this dividend is Friday, March 14th. This is a 10.0% increase from Cadence Bank’s previous quarterly dividend of $0.25.

Cadence Bank has raised its dividend by an average of 8.6% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Cadence Bank has a dividend payout ratio of 34.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Cadence Bank to earn $3.20 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 34.4%.

Cadence Bank Trading Up 1.4 %

NYSE CADE opened at $29.50 on Wednesday. The company has a market capitalization of $5.37 billion, a PE ratio of 10.65 and a beta of 0.96. Cadence Bank has a 1-year low of $26.16 and a 1-year high of $40.20. The firm’s fifty day simple moving average is $34.06 and its 200-day simple moving average is $34.15.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter last year, the business posted $0.40 EPS. As a group, analysts predict that Cadence Bank will post 2.94 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Stephens reiterated an “overweight” rating and set a $42.00 target price on shares of Cadence Bank in a research note on Thursday, January 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $38.00 price objective on shares of Cadence Bank in a research report on Friday, January 24th. Barclays raised Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $41.00 to $44.00 in a research report on Thursday, December 19th. Keefe, Bruyette & Woods upped their price target on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Citigroup lifted their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $38.50.

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.