Cadence Bank (NYSE:CADE) Hits New 12-Month High After Dividend Announcement

Cadence Bank (NYSE:CADEGet Free Report) shares hit a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as $46.10 and last traded at $46.1570, with a volume of 344175 shares traded. The stock had previously closed at $44.50.

The newly announced dividend which will be paid on Friday, February 20th. Investors of record on Friday, January 30th will be paid a dividend of $0.3438 per share. This represents a $1.38 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Friday, January 30th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.28. Cadence Bank’s payout ratio is 39.86%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CADE shares. Piper Sandler set a $40.00 target price on shares of Cadence Bank and gave the company a “neutral” rating in a research note on Monday, October 27th. Barclays lowered shares of Cadence Bank from an “overweight” rating to a “hold” rating in a report on Tuesday, October 28th. Morgan Stanley downgraded Cadence Bank from an “overweight” rating to a “sell” rating in a research note on Tuesday, October 28th. Keefe, Bruyette & Woods lowered Cadence Bank from a “moderate buy” rating to a “hold” rating and lifted their target price for the stock from $41.00 to $49.00 in a report on Monday, November 3rd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Cadence Bank in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $42.33.

Check Out Our Latest Analysis on Cadence Bank

Cadence Bank Stock Performance

The stock has a fifty day simple moving average of $42.43 and a 200-day simple moving average of $38.69. The stock has a market cap of $7.97 billion, a P/E ratio of 15.84 and a beta of 0.95.

Cadence Bank (NYSE:CADEGet Free Report) last issued its quarterly earnings results on Thursday, January 22nd. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.06. The company had revenue of $528.41 million for the quarter, compared to analyst estimates of $525.15 million. Cadence Bank had a return on equity of 9.97% and a net margin of 18.15%.During the same period in the previous year, the company posted $0.70 earnings per share. On average, research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.

Key Cadence Bank News

Here are the key news stories impacting Cadence Bank this week:

Hedge Funds Weigh In On Cadence Bank

Several hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its position in shares of Cadence Bank by 0.8% in the third quarter. Dimensional Fund Advisors LP now owns 9,836,967 shares of the company’s stock worth $369,284,000 after purchasing an additional 79,344 shares in the last quarter. State Street Corp increased its stake in Cadence Bank by 10.1% in the 3rd quarter. State Street Corp now owns 9,387,354 shares of the company’s stock valued at $354,728,000 after buying an additional 864,229 shares during the last quarter. North Reef Capital Management LP bought a new stake in Cadence Bank during the 3rd quarter worth about $264,845,000. Geode Capital Management LLC boosted its stake in shares of Cadence Bank by 2.5% during the 2nd quarter. Geode Capital Management LLC now owns 4,664,361 shares of the company’s stock worth $149,182,000 after buying an additional 113,593 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its stake in shares of Cadence Bank by 1.2% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,931,570 shares of the company’s stock worth $110,051,000 after buying an additional 34,750 shares during the last quarter. 84.61% of the stock is owned by institutional investors.

Cadence Bank Company Profile

(Get Free Report)

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.

Further Reading

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