Camden National Co. (NASDAQ:CAC) Declares $0.42 Quarterly Dividend

Camden National Co. (NASDAQ:CAC) declared a quarterly dividend on Tuesday, March 26th, Zacks reports. Shareholders of record on Monday, April 15th will be given a dividend of 0.42 per share by the financial services provider on Tuesday, April 30th. This represents a $1.68 annualized dividend and a dividend yield of 5.05%. The ex-dividend date is Friday, April 12th.

Camden National has increased its dividend by an average of 8.4% per year over the last three years. Camden National has a payout ratio of 50.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Camden National to earn $3.41 per share next year, which means the company should continue to be able to cover its $1.68 annual dividend with an expected future payout ratio of 49.3%.

Camden National Price Performance

NASDAQ CAC opened at $33.25 on Thursday. The stock has a market capitalization of $484.45 million, a P/E ratio of 11.20 and a beta of 0.73. Camden National has a 1 year low of $26.52 and a 1 year high of $39.70. The business’s fifty day moving average is $33.20 and its two-hundred day moving average is $32.89. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.80 and a current ratio of 0.81.

Camden National (NASDAQ:CAC) last posted its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.85. The company had revenue of $65.78 million for the quarter, compared to analysts’ expectations of $42.75 million. Camden National had a return on equity of 10.90% and a net margin of 16.86%. During the same quarter in the prior year, the company earned $1.05 earnings per share. On average, research analysts forecast that Camden National will post 3.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Camden National

Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in Camden National by 7.6% in the second quarter. BlackRock Inc. now owns 1,377,143 shares of the financial services provider’s stock worth $42,650,000 after purchasing an additional 96,967 shares in the last quarter. FMR LLC boosted its holdings in Camden National by 4.0% in the first quarter. FMR LLC now owns 1,210,152 shares of the financial services provider’s stock worth $43,795,000 after purchasing an additional 46,182 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Camden National by 9.7% during the first quarter. Franklin Resources Inc. now owns 1,108,014 shares of the financial services provider’s stock valued at $40,099,000 after buying an additional 98,120 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Camden National by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 781,241 shares of the financial services provider’s stock valued at $28,272,000 after buying an additional 2,403 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Camden National by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 765,478 shares of the financial services provider’s stock valued at $28,805,000 after buying an additional 18,460 shares during the last quarter. 77.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CAC. StockNews.com downgraded shares of Camden National from a “hold” rating to a “sell” rating in a research note on Tuesday, February 27th. TheStreet raised shares of Camden National from a “c+” rating to a “b” rating in a research note on Wednesday, December 13th.

Camden National Company Profile

Camden National Corporation operates as the bank holding company for Camden National Bank that provides various commercial and consumer banking products and services for consumer, institutional, municipal, non-profit, and commercial customers in Maine, New Hampshire, and Massachusetts. The company accepts checking, savings, time, and brokered deposits, as well as deposits with the certificate of deposit account registry system.