CAMDEN, Maine - Camden National Corporation (NASDAQ:{{15627|CACAC), the largest publicly traded bank holding company in Northern New England, has declared a quarterly dividend of $0.42 per share. The announcement was made by Simon R. Griffiths, President and Chief Executive Officer of the Company. This dividend is part of an annualized yield of 3.66%, based on the company's common stock closing price of $45.91 on December 16, 2024, as reported by NASDAQ. According to InvestingPro data, the company has maintained dividend payments for 28 consecutive years and raised them for the past 7 years, demonstrating a strong commitment to shareholder returns. Shareholders of record as of January 15, 2025, will receive the dividend on January 31, 2025.
Founded in 1875, Camden National Bank operates 57 branches across Maine and New Hampshire. The bank, with $5.7 billion in assets, prides itself on offering the latest in digital banking solutions while maintaining personalized service. Camden National Bank is a member of the FDIC and an Equal Housing Lender. In addition to banking services, the company provides wealth management, investment, and financial planning services through Camden National Wealth Management. With a market capitalization of $657 million and a P/E ratio of 14, the company has demonstrated strong performance with a 48.7% price return over the past six months.
This dividend declaration follows the company's commitment to delivering value to its shareholders and reflects the strength and stability of its financial position. Based on InvestingPro analysis, the company appears slightly undervalued, with three analysts recently revising their earnings expectations upward. The information for this report is based on a press release statement from Camden National Corporation and InvestingPro data, which offers comprehensive research reports for over 1,400 US stocks.
In other recent news, Camden National Corporation reported a net income of $13.1 million, or $0.90 per share, in its third quarter 2024 earnings call, marking a 9% increase from the previous quarter. Adjusted for merger-related costs, the net income was $13.6 million, or $0.94 per share, a rise of 14%. The company also revealed its plans to acquire Northway Financial, a merger set to close in Q1 2025, which is expected to bolster Camden National's market share in Northern New England.
Recent developments show a 10 basis point improvement in net interest margin to 2.46%, and a 1% growth in deposits. The company also reported an increase in total risk-based capital ratio and TCE ratio. Camden National anticipates a 1% to 3% loan growth for 2024, excluding the impact of the Northway merger.
The company is optimistic about the potential for future growth and value creation from the Northway Financial merger. They expect the net interest margin to expand by 2 to 5 basis points in the next quarter, and a revamped account opening process is set to launch by year-end to enhance the customer experience. The company's disciplined approach to deposit pricing aims to maintain core customer relationships and manage funding costs effectively.
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