Camden National said on March 27, 2023 that its board of directors declared a regular quarterly dividend of $0.42 per share ($1.68 annualized). Previously, the company paid $0.42 per share.
Shares must be purchased before the ex-div date of April 13, 2023 to qualify for the dividend. Shareholders of record as of April 14, 2023 will receive the payment on April 28, 2023.
At the current share price of $37.75 / share, the stock's dividend yield is 4.45%. Looking back five years and taking a sample every week, the average dividend yield has been 3.24%, the lowest has been 2.14%, and the highest has been 4.76%. The standard deviation of yields is 0.57 (n=236).
The current dividend yield is 2.12 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.40. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.27%, demonstrating that it has increased its dividend over time.
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Analyst Price Forecast Suggests 16.19% Upside
As of March 29, 2023, the average one-year price target for Camden National is $43.86. The forecasts range from a low of $41.41 to a high of $47.25. The average price target represents an increase of 16.19% from its latest reported closing price of $37.75.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Camden National is $200MM, an increase of 8.53%. The projected annual non-GAAP EPS is $4.38.
What is the Fund Sentiment?
There are 319 funds or institutions reporting positions in Camden National. This is a decrease of 3 owner(s) or 0.93% in the last quarter. Average portfolio weight of all funds dedicated to CAC is 0.08%, a decrease of 18.76%. Total shares owned by institutions increased in the last three months by 1.25% to 12,220K shares. The put/call ratio of CAC is 11.00, indicating a bearish outlook.
What are Large Shareholders Doing?
Franklin Resources holds 1,010K shares representing 6.93% ownership of the company. In it's prior filing, the firm reported owning 1,015K shares, representing a decrease of 0.52%. The firm decreased its portfolio allocation in CAC by 7.14% over the last quarter.
FRVLX - Franklin Small Cap Value Fund holds 653K shares representing 4.48% ownership of the company. No change in the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 401K shares representing 2.75% ownership of the company. In it's prior filing, the firm reported owning 397K shares, representing an increase of 0.98%. The firm decreased its portfolio allocation in CAC by 8.73% over the last quarter.
IWM - iShares Russell 2000 ETF holds 360K shares representing 2.47% ownership of the company. In it's prior filing, the firm reported owning 327K shares, representing an increase of 9.13%. The firm decreased its portfolio allocation in CAC by 2.47% over the last quarter.
FLPSX - Fidelity Low-Priced Stock Fund holds 350K shares representing 2.40% ownership of the company. In it's prior filing, the firm reported owning 400K shares, representing a decrease of 14.37%. The firm decreased its portfolio allocation in CAC by 20.99% over the last quarter.
Camden National Background Information
(This description is provided by the company.)
Camden National Corporation is the largest publicly traded bank holding company in Northern New England with $4.4 billion in assets and 650 employees. Camden National Bank, its subsidiary, is a full-service community bank founded in 1875 in Camden, Maine. Dedicated to customers at every stage of their financial journey, the bank offers the latest in digital banking, complemented by personalized service with 61 banking centers, 24/7 live phone support, 71 ATMs, and additional lending offices in New Hampshire and Massachusetts. For the past two years, Camden National Bank was named "Customer Experience Leader in U.S. Retail Banking" by Greenwich Associates, and in 2019, it was the only New England based organization included in Sandler O'Neill's "Bank & Thrift Sm-All Star" list of high-performing financial institutions. The Finance Authority of Maine has awarded Camden National Bank as "Lender at Work for Maine" for ten years. Comprehensive wealth management, investment, and financial planning services are delivered by Camden National Wealth Management.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
