Camden National Corporation (CAC) will raise its quarterly dividend by 9.1 percent to 36 cents per share in 2021. This follows a dividend hike of 10.0 percent to $0.33 per share two years ago and marks the 9th consecutive calendar year of dividend increases for the bank holding company.
The next dividend is payable on April 30, 2021 to shareholders of record on April 15, 2021. A new annual dividend rate of $1.44 per share yields 2.8% at a stock price of $46.82. Camden National will now pay shareholders an estimated annual dividend of approximately $21 million.
"We are pleased to announce a 9% increase in our quarterly dividend payment to our shareholders," said Dufour. "Our strong financial performance supports our continued focus on rewarding shareholders while managing our capital levels."
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.