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 in asset quality and capital levels. I am also pleased to announce a 5% increase to the Company's dividend," noted Denis K. Sheahan, Chairman, President and CEO.

Cambridge Bancorp is a bank holding company. The company's segment is community banking business, which consists of commercial banking, consumer banking, and trust and investment management services. Cambridge Bancorp, the parent company of Cambridge Trust Company, is based in Cambridge, Massachusetts. Cambridge Trust Company is a 132-year-old Massachusetts chartered commercial bank with approximately $5.6 billion in assets at December 31, 2022, and a total of 22 Massachusetts and New Hampshire locations. Cambridge Trust Company is one of New England's leaders in private banking and wealth management with $4.1 billion in client assets under management and administration at December 31, 2022. The Wealth Management group maintains offices in Boston and Wellesley, Massachusetts and Concord, Manchester, and Portsmouth, New Hampshire.