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

Cadence Bank (NYSE:CADE) declared a quarterly dividend on Wednesday, April 24th, Zacks reports. Stockholders 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 annualized dividend and a dividend yield of 3.41%. The ex-dividend date is Friday, June 14th.

Cadence Bank has decreased its dividend by an average of 5.0% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Cadence Bank has a dividend payout ratio of 36.2% indicating that 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 Trading Up 1.0 %

Shares of NYSE:CADE traded up $0.29 during mid-day trading on Friday, hitting $29.35. The stock had a trading volume of 22,008 shares, compared to its average volume of 1,369,997. 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 company has a market cap of $5.36 billion, a PE ratio of 9.28 and a beta of 1.02. Cadence Bank has a 12-month low of $16.95 and a 12-month high of $31.45. The company’s 50 day moving average is $27.71 and its 200-day moving average is $26.55.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Tuesday, April 23rd. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.54 by $0.08. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The company had revenue of $437.69 million for the quarter, compared to analyst estimates of $427.18 million. During the same quarter in the prior year, the business posted $0.68 EPS. Cadence Bank’s quarterly revenue was up 12.6% on a year-over-year basis. On average, sell-side analysts predict that Cadence Bank will post 2.39 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CADE. Citigroup boosted their target price on shares of Cadence Bank from $27.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, December 29th. TheStreet downgraded shares of Cadence Bank from a “b” rating to a “c” rating in a research note on Tuesday, January 30th. Stephens reiterated an “overweight” rating and set a $33.00 target price on shares of Cadence Bank in a research report on Tuesday. Barclays raised their price target on shares of Cadence Bank from $28.00 to $29.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $31.00 price target on shares of Cadence Bank in a research report on Tuesday, April 9th. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Cadence Bank currently has an average rating of “Moderate Buy” and a consensus target price 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.