Cadence Bank (NYSE:CADE) Announces Quarterly Dividend of $0.28

Cadence Bank (NYSE:CADE - Get Free Report) declared a quarterly dividend on Thursday, July 24th, Wall Street Journal reports. Shareholders of record on Monday, September 15th will be given a dividend of 0.275 per share on Wednesday, October 1st. This represents a $1.10 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Monday, September 15th.

Cadence Bank has a payout ratio of 32.4% meaning its dividend is sufficiently covered by earnings. 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 Trading Up 4.0%

CADE traded up $1.40 during trading on Friday, hitting $36.44. 2,885,756 shares of the stock were exchanged, compared to its average volume of 1,960,756. The firm has a 50 day simple moving average of $32.35 and a 200 day simple moving average of $31.87. The firm has a market cap of $6.64 billion, a price-to-earnings ratio of 12.97 and a beta of 0.84. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $40.20. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.69 by $0.04. The company had revenue of $476.32 million for the quarter, compared to the consensus estimate of $467.60 million. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%. During the same period last year, the business posted $0.73 EPS. As a group, equities analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Royal Bank Of Canada raised their target price on Cadence Bank from $34.00 to $37.00 and gave the stock a "sector perform" rating in a research note on Friday. Stephens reiterated an "overweight" rating and set a $40.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 22nd. DA Davidson reduced their price objective on Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Piper Sandler upgraded Cadence Bank from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $36.00 to $42.00 in a research note on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods lifted their price objective on Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $38.90.

Cadence Bank announced that its board has authorized a share buyback program on Friday, April 25th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Cadence Bank stock. Goldman Sachs Group Inc. boosted its holdings in Cadence Bank (NYSE:CADE - Free Report) by 9.4% during the first quarter, according to its most recent Form 13F filing with the 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 1.55% of Cadence Bank worth $85,953,000 at the end of the most recent reporting period. Institutional investors and hedge funds 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.