Cadence Bank (CADE) to Issue Quarterly Dividend of $0.28 on July 1st

Cadence Bank (NYSE:CADE) announced a quarterly dividend on Wednesday, April 23rd, RTT News reports. Shareholders of record on Friday, June 13th will be paid a dividend of 0.275 per share on Tuesday, July 1st. This represents a $1.10 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date is Friday, June 13th.

Cadence Bank has raised its dividend by an average of 8.6% per year over the last three years and has raised its dividend every year for the last 14 years. Cadence Bank has a payout ratio of 35.4% indicating that its dividend is sufficiently covered by earnings. 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 Stock Up 2.6 %

Cadence Bank stock opened at $29.14 on Friday. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20. The company has a market capitalization of $5.31 billion, a P/E ratio of 10.52 and a beta of 0.87. The stock’s 50 day moving average is $29.92 and its 200 day moving average is $33.49.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.07. The firm had revenue of $448.55 million during the quarter, compared to the consensus estimate of $451.61 million. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period last year, the company earned $0.62 earnings per share. As a group, equities analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Analyst Upgrades and Downgrades

CADE has been the subject of several recent analyst reports. Royal Bank of Canada decreased their price target on Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating for the company in a research note on Wednesday. Morgan Stanley lowered their target price on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Barclays dropped their price target on shares of Cadence Bank from $44.00 to $38.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. DA Davidson decreased their price objective on shares of Cadence Bank from $42.00 to $37.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Citigroup raised their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Bank has a consensus rating of “Moderate Buy” and an average price target of $37.36.

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.