Cambridge Bancorp (NASDAQ:CATC) Raises Dividend to $0.67 Per Share

Cambridge Bancorp (NASDAQ:CATC – Get Rating) declared a quarterly dividend on Monday, January 23rd, Zacks reports. Shareholders of record on Thursday, February 9th will be given a dividend of 0.67 per share by the bank on Thursday, February 23rd. This represents a $2.68 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Wednesday, February 8th. This is an increase from Cambridge Bancorp’s previous quarterly dividend of $0.64.

Cambridge Bancorp has increased its dividend by an average of 7.9% annually over the last three years and has increased its dividend every year for the last 24 years. Cambridge Bancorp has a payout ratio of 25.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Cambridge Bancorp to earn $9.00 per share next year, which means the company should continue to be able to cover its $2.56 annual dividend with an expected future payout ratio of 28.4%.

Cambridge Bancorp Stock Performance

Cambridge Bancorp stock opened at $77.75 on Wednesday. The firm has a market cap of $606.14 million, a P/E ratio of 10.02 and a beta of 0.50. The business’s fifty day moving average is $85.15 and its two-hundred day moving average is $83.81. Cambridge Bancorp has a 52 week low of $76.50 and a 52 week high of $93.25.

Institutional Investors Weigh In On Cambridge Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC raised its position in shares of Cambridge Bancorp by 69.2% during the first quarter. Renaissance Technologies LLC now owns 33,841 shares of the bank’s stock worth $2,876,000 after acquiring an additional 13,842 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Cambridge Bancorp by 2.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 17,947 shares of the bank’s stock worth $1,526,000 after acquiring an additional 361 shares during the last quarter. Panagora Asset Management Inc. raised its position in shares of Cambridge Bancorp by 2.2% during the first quarter. Panagora Asset Management Inc. now owns 12,490 shares of the bank’s stock worth $1,062,000 after acquiring an additional 273 shares during the last quarter. Citadel Advisors LLC raised its position in shares of Cambridge Bancorp by 46.6% during the second quarter. Citadel Advisors LLC now owns 11,438 shares of the bank’s stock worth $946,000 after acquiring an additional 3,635 shares during the last quarter. Finally, Rhumbline Advisers raised its position in shares of Cambridge Bancorp by 27.8% during the second quarter. Rhumbline Advisers now owns 9,901 shares of the bank’s stock worth $819,000 after acquiring an additional 2,154 shares during the last quarter. Institutional investors own 49.43% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Raymond James assumed coverage on Cambridge Bancorp in a research note on Tuesday, December 20th. They issued a “market perform” rating on the stock.

Cambridge Bancorp Company Profile

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Cambridge Bancorp operates as the bank holding company for Cambridge Trust Company that provides commercial and consumer banking, and investment management and trust services. The company accepts various deposits, such as checking, savings, money market, trust, and individual retirement accounts; and time and demand deposits, and certificates of deposit.