Camden National Corporation (CAC) will raise its quarterly dividend by 10.0 percent to $0.33 per share. This marks the 7th consecutive year of dividend increases for the bank holding company and follows a 20.0 percent dividend hike in 2018.
The next dividend is payable on January 31, 2020 to shareholders of record on January 15, 2020. A new annual dividend rate of $1.32 per share yields 2.8% at a stock price of $46.82.
"We are pleased to announce a dividend increase of 10% to our shareholders," said Dufour. "Our consistent and solid earnings continue to generate sufficient capital levels. As we balance capital needs and generation of shareholder value, we believe it's the right time to increase our return of capital to shareholders."
Camden National Corporation is the holding company of Camden National Bank, a diversified financial services provider. The Company, through the Bank, offers commercial and consumer banking products and services, and through Camden Financial Consultants and Camden National Wealth Management, divisions of the Bank, brokerage and insurance services, as well as investment management and fiduciary services.