Financial services provider and wealth manager Camden National (NASDAQ: CAC ) announced today its third-quarter dividend of $0.27 per share, the same rate it's paid for the past two quarters after raising the payout 8% from $0.25 per share. The board of directors said the quarterly dividend is payable on October 31 to holders of record at the close of business on October 17.
The board also said it was authorizing the repurchase of 250,000 shares, or 3.3%, of the wealth manager's stock. The program will remain in effect until the shares are bought back or the board terminates the authorization.
Saying the share repurchase program helps maintain the appropriate regulatory capital requirements, Camden Nation President and CEO Gregory A. Dufour said, "The dividends we pay to shareholders and the common stock repurchase program are two critical elements of our overall capital management plan. Over the years, we've effectively used the repurchase program to acquire outstanding shares when we believe market conditions and our estimates of future capital needs align to make a repurchase attractive."
The regular dividend payment equates to a $1.08-per-share annual dividend, yielding 2.6% based on the closing price today of Camden National's stock.