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

Camden National Co. (NASDAQ:CAC) declared a quarterly dividend on Wednesday, December 18th,Wall Street Journal reports. Shareholders of record on Wednesday, January 15th will be given a dividend of 0.42 per share by the financial services provider on Friday, January 31st. This represents a $1.68 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend is Wednesday, January 15th.

Camden National has increased its dividend by an average of 8.4% per year over the last three years. Camden National has a dividend payout ratio of 41.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Camden National to earn $3.96 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 42.4%.

Camden National Stock Performance

Shares of NASDAQ:CAC traded down $2.09 during mid-day trading on Wednesday, reaching $42.87. The company had a trading volume of 53,728 shares, compared to its average volume of 51,281. The company’s 50-day moving average price is $44.94 and its 200-day moving average price is $39.55. Camden National has a one year low of $28.62 and a one year high of $50.07. The firm has a market cap of $624.92 million, a price-to-earnings ratio of 13.40 and a beta of 0.75. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.08.

Camden National (NASDAQ:CAC) last posted its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.11. The company had revenue of $75.13 million during the quarter, compared to the consensus estimate of $43.90 million. Camden National had a return on equity of 9.95% and a net margin of 16.47%. During the same quarter in the prior year, the company earned $0.96 EPS. As a group, equities research analysts anticipate that Camden National will post 3.49 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CAC has been the subject of several recent research reports. Keefe, Bruyette & Woods lifted their price target on Camden National from $43.00 to $48.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com assumed coverage on shares of Camden National in a research note on Wednesday. They issued a “hold” rating on the stock.

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.