CAMDEN, Maine - Camden National Corporation (NASDAQ:{{15627|CACAC), the largest bank holding company in Northern New England, declared a quarterly dividend of $0.42 per share, as announced by Simon R. Griffiths, the President and CEO. Based on the closing price of the company's common stock at $39.39 on September 23, 2024, this dividend yields an annual rate of 4.27%.
The dividend will be disbursed on October 31, 2024, to shareholders who are on record as of October 15, 2024. This financial event is a routine part of Camden National's commitment to providing value to its shareholders.
Founded in 1875, Camden National Corporation has grown to $5.7 billion in assets. With 57 branches across Maine and New Hampshire, Camden National Bank is recognized for its full-service community banking, including the latest in digital banking solutions. The bank prides itself on offering personalized service that has garnered awards.
In addition to banking services, Camden National Wealth Management provides comprehensive wealth management, investment, and financial planning services. As a member of the FDIC and an Equal Housing Lender, Camden National continues to strengthen its community ties and uphold its long-standing tradition of customer service.
This dividend announcement is based on a press release statement and reflects the company's performance and strategy in delivering shareholder value.
In other recent news, Camden National Corporation has been the subject of significant developments. The company's acquisition of Northway Financial, a move that is expected to enhance its presence in northern New England, has been viewed positively by Keefe, Bruyette & Woods. The firm has maintained its Market Perform rating on Camden National, highlighting the potential for the deal to boost the bank's earnings by approximately 20% in 2025 and over 30% in 2026.
Additionally, Camden National has reported strong Q2 financials, with a net income of $12 million or $0.81 per diluted share. This performance has been attributed to disciplined execution and rigorous expense control. The company has also been investing in technology to enhance customer experience and efficiency, with expectations of continued expansion in net interest margin.
The all-stock merger with Northway Financial, valued at approximately $86.6 million, is set to create a banking entity with 74 branches across New Hampshire and Maine. This merger is anticipated to be 19.9% accretive to Camden National's 2025 earnings per share and 32.7% accretive to its 2026 earnings per share. These recent developments indicate a strategic focus on growth and profitability for Camden National Corporation.
InvestingPro Insights
Camden National Corporation (NASDAQ:CAC) has recently declared a quarterly dividend, showcasing its commitment to shareholder returns. In line with this, an InvestingPro Tip highlights that CAC has raised its dividend for 7 consecutive years, indicating a stable and potentially growing income stream for investors. Additionally, CAC has maintained dividend payments for 28 consecutive years, underscoring its reliability in returning value to shareholders.
On the financial metrics front, CAC boasts a P/E ratio of 13.26, suggesting that the stock may be reasonably valued compared to its earnings. The company's strong performance is also reflected in a significant 25.67% return over the last three months, which aligns with another InvestingPro Tip pointing out a large price uptick over the last six months. Moreover, analysts are optimistic about CAC's profitability, predicting the company will be profitable this year, a sentiment backed by the fact that the company has been profitable over the last twelve months.
Investors interested in Camden National Corporation can find additional insights and tips on InvestingPro, which currently lists a total of 7 InvestingPro Tips for CAC, including analysts' upward earnings revisions for the upcoming period. For those seeking a more in-depth analysis, the InvestingPro product offers a comprehensive view of the company's performance and potential investment value.
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