Fintel reports that on September 27, 2023, Truist Securities maintained coverage of Cadence Bank (NYSE:CADE) with a Buy recommendation.
Analyst Price Forecast Suggests 24.12% Upside
As of August 31, 2023, the average one-year price target for Cadence Bank is 26.05. The forecasts range from a low of 21.21 to a high of $30.45. The average price target represents an increase of 24.12% from its latest reported closing price of 20.99.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Cadence Bank is 2,045MM, an increase of 12.53%. The projected annual non-GAAP EPS is 3.28.
Cadence Bank Declares $0.24 Dividend
On July 26, 2023 the company declared a regular quarterly dividend of $0.24 per share ($0.94 annualized). Shareholders of record as of September 15, 2023 will receive the payment on October 2, 2023. Previously, the company paid $0.24 per share.
At the current share price of $20.99 / share, the stock's dividend yield is 4.48%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.92%, the lowest has been 1.87%, and the highest has been 14.40%. The standard deviation of yields is 2.09 (n=235).
The current dividend yield is 0.27 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.42. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.27%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 655 funds or institutions reporting positions in Cadence Bank. This is a decrease of 42 owner(s) or 6.03% in the last quarter. Average portfolio weight of all funds dedicated to CADE is 0.22%, a decrease of 3.69%. Total shares owned by institutions increased in the last three months by 3.42% to 171,821K shares. 
The put/call ratio of CADE is 0.24, indicating a bullish outlook.
What are Other Shareholders Doing?
Wellington Management Group Llp holds 6,765K shares representing 3.70% ownership of the company. In it's prior filing, the firm reported owning 7,283K shares, representing a decrease of 7.67%. The firm decreased its portfolio allocation in CADE by 16.15% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 5,675K shares representing 3.11% ownership of the company. In it's prior filing, the firm reported owning 5,603K shares, representing an increase of 1.26%. The firm decreased its portfolio allocation in CADE by 11.60% over the last quarter.
Silvercrest Asset Management Group holds 5,554K shares representing 3.04% ownership of the company. In it's prior filing, the firm reported owning 5,575K shares, representing a decrease of 0.38%. The firm decreased its portfolio allocation in CADE by 11.44% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 4,717K shares representing 2.58% ownership of the company. In it's prior filing, the firm reported owning 4,776K shares, representing a decrease of 1.24%. The firm decreased its portfolio allocation in CADE by 11.10% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 4,678K shares representing 2.56% ownership of the company. No change in the last quarter.
Cadence Bank Background Information
(This description is provided by the company.)
Cadence Bank is a leading regional banking franchise with $48 billion in assets and more than 400 branch locations across the South, Midwest and Texas. Cadence provides consumers, businesses and corporations with a full range of innovative banking and financial solutions. Services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, and personal and business insurance. Cadence is committed to a culture of respect, diversity and inclusion in both its workplace and communities.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
