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

Camden National Corporation (NASDAQ:CAC - Get Free Report) announced a quarterly dividend on Monday, June 23rd, RTT News reports. Shareholders of record on Tuesday, July 15th will be given a dividend of 0.42 per share by the financial services provider on Thursday, July 31st. This represents a $1.68 annualized dividend and a yield of 4.12%. The ex-dividend date is Tuesday, July 15th.

Camden National has a payout ratio of 33.1% meaning its dividend is sufficiently covered by earnings. Equities 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 Performance

Shares of CAC stock traded up $0.30 during trading hours on Friday, reaching $40.81. 17,926 shares of the company traded hands, compared to its average volume of 77,012. The firm has a 50-day moving average price of $39.52 and a 200 day moving average price of $41.41. The company has a market cap of $689.13 million, a P/E ratio of 13.00 and a beta of 0.63. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.81. Camden National has a 12-month low of $31.79 and a 12-month high of $50.07.

Camden National (NASDAQ:CAC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The financial services provider reported $0.95 earnings per share for the quarter, missing analysts' consensus estimates of $0.99 by ($0.04). The firm had revenue of $60.05 million during the quarter, compared to the consensus estimate of $57.63 million. Camden National had a return on equity of 10.28% and a net margin of 15.03%. As a group, sell-side analysts predict that Camden National will post 4.25 earnings per share for the current fiscal year.

Institutional Trading of Camden National

Hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC increased its holdings in shares of Camden National by 8.4% in the first quarter. Empowered Funds LLC now owns 43,043 shares of the financial services provider's stock worth $1,742,000 after purchasing an additional 3,318 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Camden National in the 1st quarter worth about $1,019,000. AQR Capital Management LLC raised its position in shares of Camden National by 151.1% during the 1st quarter. AQR Capital Management LLC now owns 24,455 shares of the financial services provider's stock valued at $990,000 after buying an additional 14,715 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Camden National by 20.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,925 shares of the financial services provider's stock worth $402,000 after acquiring an additional 1,661 shares in the last quarter. Hedge funds and other institutional investors own 77.41% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wall Street Zen assumed coverage on Camden National in a research note on Monday, May 19th. They issued a "hold" rating for the company. Keefe, Bruyette & Woods cut their target price on Camden National from $48.00 to $47.00 and set a "market perform" rating for the company in a research report on Wednesday, May 7th.

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.