Cadence Bank (NYSE:CADE – Get Rating) declared a quarterly dividend on Wednesday, January 25th, Zacks reports. Investors of record on Wednesday, March 15th will be paid a dividend of 0.235 per share on Monday, April 3rd. This represents a $0.94 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend is Tuesday, March 14th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.22.
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Cadence Bank has raised its dividend payment by an average of 7.9% annually over the last three years and has raised its dividend every year for the last 2 years. Cadence Bank has a payout ratio of 27.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Cadence Bank to earn $3.15 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 27.9%.
Cadence Bank Stock Performance
Shares of NYSE CADE opened at $25.58 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 14.85 and a beta of 1.02. The stock’s fifty day simple moving average is $25.82 and its 200 day simple moving average is $26.18. Cadence Bank has a 52-week low of $22.04 and a 52-week high of $32.57.
Cadence Bank (NYSE:CADE – Get Rating) last issued its earnings results on Monday, October 24th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.77 by $0.01. The business had revenue of $479.85 million during the quarter, compared to analysts’ expectations of $464.68 million. Cadence Bank had a return on equity of 11.92% and a net margin of 17.78%. As a group, sell-side analysts forecast that Cadence Bank will post 2.91 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several analysts have recently commented on the company. Morgan Stanley assumed coverage on Cadence Bank in a research report on Monday, December 5th. They issued an “equal weight” rating and a $32.00 target price for the company. Janney Montgomery Scott cut Cadence Bank from a “buy” rating to a “neutral” rating and raised their target price for the stock from $29.00 to $30.00 in a research report on Thursday, November 17th. They noted that the move was a valuation call. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $30.71.
Institutional Trading of Cadence Bank
A number of institutional investors and hedge funds have recently made changes to their positions in CADE. Covestor Ltd lifted its position in shares of Cadence Bank by 189.8% in the first quarter. Covestor Ltd now owns 2,455 shares of the company’s stock worth $72,000 after buying an additional 1,608 shares during the last quarter. Journey Strategic Wealth LLC bought a new position in shares of Cadence Bank in the first quarter worth about $205,000. B. Riley Wealth Advisors Inc. bought a new position in shares of Cadence Bank in the third quarter worth about $266,000. Walleye Trading LLC bought a new position in shares of Cadence Bank in the first quarter worth about $270,000. Finally, Point72 Hong Kong Ltd increased its stake in shares of Cadence Bank by 182.0% in the first quarter. Point72 Hong Kong Ltd now owns 10,753 shares of the company’s stock worth $315,000 after purchasing an additional 6,940 shares during the period.
Cadence Bank Company Profile
Cadence Bank provides commercial banking and financial services in the United States. 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.
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