Cadence Bank (CADE) To Go Ex-Dividend on March 14th

Cadence Bank (NYSE:CADE) announced 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 3.13%. The ex-dividend date of this dividend is Friday, March 14th. This is a boost 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 annually for the last 13 consecutive years. Cadence Bank has a dividend payout ratio of 35.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Cadence Bank to earn $3.19 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 34.5%.

Cadence Bank Stock Up 2.6 %

Shares of NYSE:CADE opened at $35.13 on Friday. The firm has a market cap of $6.40 billion, a PE ratio of 12.68 and a beta of 1.00. The company has a fifty day simple moving average of $35.98 and a 200 day simple moving average of $33.52. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. Cadence Bank has a 12-month low of $24.99 and a 12-month high of $40.20.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results 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 9.98% and a net margin of 18.03%. During the same quarter last year, the company posted $0.40 EPS. On average, equities research analysts anticipate that Cadence Bank will post 2.87 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CADE shares. Truist Financial raised their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $41.00 to $44.00 in a research note on Thursday, December 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $38.00 price target on shares of Cadence Bank in a report on Friday. Keefe, Bruyette & Woods increased their price objective on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Stephens reaffirmed an “overweight” rating and set a $42.00 target price on shares of Cadence Bank in a research note on Thursday. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Cadence Bank presently has a consensus rating of “Moderate Buy” and an average price target of $38.14.

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.