Cadence Bank (NYSE:CADE) Sets New 1-Year High Following Dividend Announcement

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

The newly announced dividend which will be paid on Friday, February 20th. Shareholders of record on Friday, January 30th will be given a $0.3438 dividend. This represents a $1.38 dividend on an annualized basis and a yield of 3.0%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, January 30th. Cadence Bank’s dividend payout ratio (DPR) is presently 39.86%.

Analysts Set New Price Targets

Several research firms have recently weighed in on CADE. Morgan Stanley lowered shares of Cadence Bank from an “overweight” rating to a “sell” rating in a report on Tuesday, October 28th. Piper Sandler set a $40.00 price target on Cadence Bank and gave the company a “neutral” rating in a report on Monday, October 27th. Keefe, Bruyette & Woods cut Cadence Bank from a “moderate buy” rating to a “hold” rating and increased their target price for the stock from $41.00 to $49.00 in a report on Monday, November 3rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cadence Bank in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada raised shares of Cadence Bank from a “hold” rating to a “moderate buy” rating in a report on Monday, October 27th. Two investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $42.33.

Cadence Bank Trading Up 4.2%

The firm’s 50 day moving average price is $42.33 and its 200-day moving average price is $38.66. The company has a market cap of $8.45 billion, a P/E ratio of 16.81 and a beta of 0.95.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, October 20th. The company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.04. Cadence Bank had a net margin of 18.15% and a return on equity of 9.97%. The business had revenue of $517.24 million for the quarter, compared to analyst estimates of $523.60 million. During the same period in the prior year, the business posted $0.73 earnings per share. Analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cadence Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mather Group LLC. bought a new position in Cadence Bank during the third quarter worth about $26,000. FNY Investment Advisers LLC bought a new position in Cadence Bank during the 2nd quarter worth approximately $25,000. Advisory Services Network LLC bought a new position in Cadence Bank during the 3rd quarter worth approximately $32,000. Community Bank N.A. acquired a new position in Cadence Bank during the third quarter valued at approximately $35,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in Cadence Bank in the third quarter valued at approximately $38,000. Institutional investors own 84.61% of the company’s stock.

About Cadence Bank

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.