Cadence Bank (NYSE:CADE) Announces $0.25 Quarterly Dividend

Cadence Bank (NYSE:CADE - Get Free Report) declared a quarterly dividend on Wednesday, October 23rd, Zacks reports. Shareholders of record on Friday, December 13th will be paid a dividend of 0.25 per share on Thursday, January 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Friday, December 13th.

Cadence Bank has increased its dividend payment by an average of 8.1% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. Cadence Bank has a payout ratio of 36.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Cadence Bank to earn $2.80 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 35.7%.

Cadence Bank Trading Down 2.4 %

Shares of NYSE:CADE traded down $0.80 during midday trading on Friday, reaching $33.09. The company's stock had a trading volume of 899,957 shares, compared to its average volume of 1,325,014. The firm has a market cap of $6.03 billion, a price-to-earnings ratio of 10.83 and a beta of 0.96. The business has a 50 day moving average price of $31.78 and a 200 day moving average price of $29.94. Cadence Bank has a 1 year low of $20.52 and a 1 year high of $34.25. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings data on Monday, October 21st. The company reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.64 by $0.09. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The company had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. During the same quarter in the prior year, the company posted $0.56 EPS. The company's quarterly revenue was up 11.0% compared to the same quarter last year. Research analysts forecast that Cadence Bank will post 2.57 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on CADE. Stephens reissued an "overweight" rating and set a $35.00 price objective on shares of Cadence Bank in a research note on Tuesday, July 23rd. Morgan Stanley raised Cadence Bank from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $36.00 to $39.00 in a research report on Monday, September 30th. Hovde Group raised their price objective on Cadence Bank from $33.00 to $36.50 and gave the stock an "outperform" rating in a report on Wednesday, July 24th. DA Davidson lifted their price objective on Cadence Bank from $36.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, Royal Bank of Canada increased their target price on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a "sector perform" rating in a research report on Wednesday. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $35.29.

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.