Camden National Corporation (CAC) to Issue Quarterly Dividend of $0.42 on October 31st

Camden National Corporation (NASDAQ:CAC) declared a quarterly dividend on Monday, September 29th, RTT News reports. Stockholders of record on Wednesday, October 15th will be paid a dividend of 0.42 per share by the financial services provider on Friday, October 31st. This represents a c) annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Wednesday, October 15th.

Camden National has a dividend payout ratio of 33.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Camden National to earn $4.95 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 33.9%.

Camden National Stock Down 2.9%

CAC stock opened at $36.46 on Monday. The stock has a market cap of $616.90 million, a PE ratio of 11.54 and a beta of 0.64. The firm’s 50-day simple moving average is $39.31 and its 200 day simple moving average is $39.61. Camden National has a fifty-two week low of $34.53 and a fifty-two week high of $50.07. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.09.

Camden National (NASDAQ:CAC) last posted its earnings results on Tuesday, July 29th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.23). Camden National had a net margin of 14.77% and a return on equity of 10.19%. The firm had revenue of $69.82 million for the quarter, compared to analyst estimates of $61.04 million. As a group, sell-side analysts predict that Camden National will post 4.25 EPS for the current year.

Institutional Investors Weigh In On Camden National

Several large investors have recently modified their holdings of CAC. CWM LLC grew its holdings in shares of Camden National by 65.4% in the 1st quarter. CWM LLC now owns 837 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 331 shares during the last quarter. Eastern Bank acquired a new position in shares of Camden National in the 1st quarter valued at $50,000. Trust Co. of Vermont increased its stake in Camden National by 330.2% in the 2nd quarter. Trust Co. of Vermont now owns 2,151 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 1,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Camden National by 15.8% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,567 shares of the financial services provider’s stock worth $104,000 after buying an additional 350 shares during the period. Finally, KLP Kapitalforvaltning AS raised its holdings in Camden National by 29.2% during the 1st quarter. KLP Kapitalforvaltning AS now owns 3,100 shares of the financial services provider’s stock worth $125,000 after buying an additional 700 shares during the period. 77.41% of the stock is owned by institutional investors.

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.