Cadence Bank (CADE) to Issue Quarterly Dividend of $0.28 on July 1st

Cadence Bank (NYSE:CADE) declared a quarterly dividend on Wednesday, April 23rd, RTT News reports. Stockholders of record on Friday, June 13th will be given a dividend of 0.275 per share on Tuesday, July 1st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date is Friday, June 13th.

Cadence Bank has a payout ratio of 32.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Cadence Bank to earn $3.20 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 34.4%.

Cadence Bank Stock Performance

Cadence Bank stock opened at $31.41 on Wednesday. The business’s 50-day simple moving average is $29.61 and its 200-day simple moving average is $32.49. The firm has a market capitalization of $5.72 billion, a PE ratio of 11.34 and a beta of 0.84. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Monday, April 21st. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.07. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. The business had revenue of $448.55 million for the quarter, compared to analyst estimates of $451.61 million. During the same period in the previous year, the company posted $0.62 earnings per share. Research analysts forecast that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank declared that its Board of Directors has initiated a stock repurchase plan on Friday, April 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Piper Sandler lowered their price target on Cadence Bank from $38.00 to $36.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 23rd. Royal Bank of Canada lowered their price target on Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. Keefe, Bruyette & Woods boosted their price target on Cadence Bank from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, May 9th. Hovde Group boosted their price target on Cadence Bank from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Finally, Morgan Stanley lowered their price target on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.82.

Institutional Investors Weigh In On Cadence Bank

An institutional investor recently raised its position in Cadence Bank stock. Goldman Sachs Group Inc. increased its holdings in shares of Cadence Bank (NYSE:CADE) by 9.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,831,131 shares of the company’s stock after acquiring an additional 244,146 shares during the period. Goldman Sachs Group Inc. owned about 1.55% of Cadence Bank worth $85,953,000 at the end of the most recent quarter. Institutional investors own 84.61% of the company’s stock.

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.