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

Cadence Bank (NYSE:CADE) announced a quarterly dividend on Wednesday, April 24th, Zacks reports. Investors of record on Friday, June 14th will be given a dividend of 0.25 per share on Monday, July 1st. This represents a $1.00 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Friday, June 14th.

Cadence Bank has decreased its dividend by an average of 5.0% annually over the last three years and has increased its dividend every year for the last 3 years. Cadence Bank has a dividend payout ratio of 36.2% meaning 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 Up 1.0 %

NYSE:CADE traded up $0.29 during midday trading on Friday, reaching $29.35. 22,008 shares of the stock traded hands, compared to its average volume of 1,369,997. Cadence Bank has a 12-month low of $16.95 and a 12-month high of $31.45. The business has a 50-day moving average of $27.71 and a two-hundred day moving average of $26.55. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market capitalization of $5.36 billion, a PE ratio of 9.28 and a beta of 1.02.

Cadence Bank (NYSE:CADE) last posted its earnings results on Tuesday, April 23rd. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. The company had revenue of $437.69 million during 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%. Cadence Bank’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.68 earnings per share. On average, equities analysts forecast that Cadence Bank will post 2.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on CADE shares. Morgan Stanley raised their target price on shares of Cadence Bank from $24.00 to $27.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Jefferies Financial Group dropped their price target on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. Citigroup raised their price target on shares of Cadence Bank from $27.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, December 29th. Stephens restated an “overweight” rating and set a $33.00 price target on shares of Cadence Bank in a research report on Tuesday. Finally, Raymond James dropped their price target on shares of Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, January 31st. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $31.09.

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.