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

Camden National Co. (NASDAQ:CAC) declared 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 of this dividend is Friday, April 12th.

Camden National has raised 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 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 NASDAQ:CAC opened at $33.25 on Thursday. The company has a 50 day moving average of $33.20 and a 200 day moving average of $32.89. The stock has a market cap of $484.45 million, a P/E ratio of 11.20 and a beta of 0.73. Camden National has a 12 month low of $26.52 and a 12 month high of $39.70. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.09.

Camden National (NASDAQ:CAC) last announced its 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. Camden National had a net margin of 16.86% and a return on equity of 10.90%. The business had revenue of $65.78 million during the quarter, compared to analyst estimates of $42.75 million. During the same period in the previous year, the business posted $1.05 earnings per share. As a group, sell-side analysts forecast that Camden National will post 3.08 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position 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 purchasing an additional 18,460 shares during the period. Goldman Sachs Group Inc. boosted its stake in Camden National by 3.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 35,785 shares of the financial services provider’s stock worth $1,347,000 after purchasing an additional 1,073 shares in the last quarter. Barclays PLC boosted its stake in Camden National by 40.3% in the 4th quarter. Barclays PLC now owns 51,463 shares of the financial services provider’s stock worth $1,936,000 after purchasing an additional 14,789 shares in the last quarter. Voya Investment Management LLC bought a new position in Camden National in the 4th quarter worth about $250,000. Finally, Nuveen Asset Management LLC boosted its stake in Camden National by 1.4% in the 4th quarter. Nuveen Asset Management LLC now owns 49,217 shares of the financial services provider’s stock worth $1,852,000 after purchasing an additional 687 shares in the last quarter. 77.41% of the stock is owned by hedge funds and other institutional investors.

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.