Cambridge Bancorp hikes dividend by 4.7%
On January 24, 2023, Cambridge Bancorp (CATC) announced that it will raise its quarterly dividend by 4.7 percent to $0.67 per share. This marks 22 consecutive years of dividend growth by CATC. The dividend yield is 3.1% at a stock price of $77.89. On January 23, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.67 per share, which is payable on February 23, 2023, to shareholders of record as of the close of business on February 9, 2023. This represents an increase of $0.03, or 5%, as compared to the $0.64 dividend paid in the fourth fiscal quarter of 2022. The Company did not repurchase any shares under its previously announced share repurchase program during the three and twelve months ended December 31, 2022. "I am pleased with how we managed through 2022, which proved to be a challenging period of volatility in equity markets and interest rates. While we see evidence of an economic slowdown in 2023, we feel well prepared with continued strength...