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Cadence Bancorporation (CADE) Increases Dividend by 5.3%
Cadence Bancorporation (CADE - Free Report) has increased its quarterly dividend. The company announced a dividend per share of 15.8 cents, representing a hike of 5.3% from the prior payout. The dividend will be paid out on Oct 22 to shareholders of record as of Oct 18.
Based on last day’s closing price, the dividend yield currently stands at 2.77%.
The company also has a share buyback plan in place. On Jan 21, 2021, its board of directors authorized a share repurchase program to buy back shares worth up to $200 million.
The plan was, however, put on hold until Cadence Bancorporation and BancorpSouth Bank received shareholder approval for their pending all-stock merger deal.
In April, the companies entered a merger agreement (expected to close on the fourth quarter of 2021), which will create a leading Texas and Southeastern regional bank. Post completion, the combined entity will operate under the name and brand of Cadence, with two headquarters in Tupelo, MS, and Houston, TX.
The deal is anticipated to result in long-term financial benefits for both firms and, hence, seems attractive for shareholders. Moreover, Cadence Bancorporation will likely keep enhancing shareholder value through efficient capital deployment activities.
Dividend Hikes by Other Finance Companies
In September, several finance companies raised their quarterly dividends.
JPMorgan (JPM - Free Report) announced a dividend of $1 per share, representing a hike of 11.1% from the prior payout. The dividend will be paid out on Oct 31 to shareholders of record as of Oct 6.
Equity Bancshares, Inc. (EQBK - Free Report) announced a dividend for the first time. The company’s board of directors approved a quarterly cash dividend of 8 cents per share. The dividend will be paid out on Oct 14 to shareholders of record as of Sep 30.