Camden National Co. (CAC) to Distribute Quarterly Dividend of $0.42 on April 30th

Camden National Co. (NASDAQ:CAC) announced a quarterly dividend on Tuesday, March 26th, Zacks reports. Investors of record on Monday, April 15th will be paid 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 yield of 5.05%. The ex-dividend date is Friday, April 12th.

Camden National has increased its dividend payment by an average of 8.4% per year over the last three years. Camden National has a dividend payout ratio of 50.5% meaning its dividend is sufficiently covered by earnings. 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

Shares of CAC opened at $33.25 on Thursday. The firm has a 50-day simple moving average of $33.20 and a two-hundred day simple moving average of $32.89. The stock has a market cap of $484.45 million, a PE 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 company has a debt-to-equity ratio of 0.09, a current ratio of 0.81 and a quick ratio of 0.80.

Camden National (NASDAQ:CAC) last released its earnings results on Tuesday, January 30th. The financial services provider reported $0.85 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.85. Camden National had a net margin of 16.86% and a return on equity of 10.90%. The firm had revenue of $65.78 million for the quarter, compared to analyst estimates of $42.75 million. During the same period in the prior year, the firm earned $1.05 earnings per share. As a group, analysts forecast that Camden National will post 3.08 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. BlackRock Inc. increased its holdings in shares of Camden National by 7.6% in the 2nd quarter. BlackRock Inc. now owns 1,377,143 shares of the financial services provider’s stock valued at $42,650,000 after purchasing an additional 96,967 shares in the last quarter. FMR LLC increased its position in shares of Camden National by 4.0% in the first quarter. FMR LLC now owns 1,210,152 shares of the financial services provider’s stock valued at $43,795,000 after buying an additional 46,182 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Camden National by 9.7% in the 1st quarter. Franklin Resources Inc. now owns 1,108,014 shares of the financial services provider’s stock worth $40,099,000 after buying an additional 98,120 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Camden National by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 781,241 shares of the financial services provider’s stock valued at $28,272,000 after acquiring an additional 2,403 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Camden National by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 765,478 shares of the financial services provider’s stock valued at $28,805,000 after acquiring an additional 18,460 shares in the last quarter. Hedge funds and other institutional investors own 77.41% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. TheStreet raised shares of Camden National from a “c+” rating to a “b” rating in a research report on Wednesday, December 13th. StockNews.com cut shares of Camden National from a “hold” rating to a “sell” rating in a research note on Tuesday, February 27th.

About Camden National

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.