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

Key Points

• Camden National Corporation has announced a quarterly dividend of $0.42 per share, payable on October 31st to shareholders of record by October 15th, representing a 4.4% yield.
• The company's current dividend payout ratio is 33.1%, which is comfortably covered by earnings, and analysts anticipate a future payout ratio of 33.9% for a projected earning of $4.95 per share next year.
• Camden National's stock has recently seen a slight decrease of 0.3%, with a current trading price of $38.59, while the average target price from analysts is $48.00.

Camden National Corporation (NASDAQ:CAC - Get Free Report) announced a quarterly dividend on Tuesday, September 30th, RTT News reports. Shareholders 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) dividend on an annualized basis and a yield of 4.4%.

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 0.3%

Shares of NASDAQ:CAC traded down $0.13 during trading on Tuesday, reaching $38.59. 43,426 shares of the stock traded hands, compared to its average volume of 65,346. The stock has a 50-day moving average of $39.50 and a two-hundred day moving average of $39.82. Camden National has a 52-week low of $34.53 and a 52-week high of $50.07. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $652.94 million, a P/E ratio of 12.21 and a beta of 0.67.

Camden National (NASDAQ:CAC - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.89 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.23). Camden National had a return on equity of 10.19% and a net margin of 14.77%.The business had revenue of $69.82 million during the quarter, compared to the consensus estimate of $61.04 million. As a group, sell-side analysts expect that Camden National will post 4.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CAC has been the subject of several recent analyst reports. Zacks Research upgraded shares of Camden National to a "hold" rating in a research note on Tuesday, August 12th. Stephens raised shares of Camden National from an "equal weight" rating to an "overweight" rating and dropped their target price for the stock from $49.00 to $44.00 in a research report on Wednesday, August 6th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Camden National currently has an average rating of "Moderate Buy" and a consensus target price of $48.00.

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.

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