Basswood Capital Management L.L.C. acquired a new stake in shares of Camden National Corporation (NASDAQ:CAC – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 247,699 shares of the financial services provider’s stock, valued at approximately $13,430,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Clearstead Trust LLC purchased a new position in shares of Camden National in the 2nd quarter valued at approximately $29,000. PNC Financial Services Group Inc. boosted its position in shares of Camden National by 106.1% during the first quarter. PNC Financial Services Group Inc. now owns 878 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 452 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Camden National by 13,790.0% during the third quarter. Russell Investments Group Ltd. now owns 1,389 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 1,379 shares in the last quarter. Advisory Services Network LLC purchased a new stake in Camden National in the third quarter worth $58,000. Finally, Trust Co. of Vermont purchased a new stake in Camden National in the second quarter worth $90,000. Hedge funds and other institutional investors own 77.41% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on CAC shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Camden National in a report on Tuesday, June 9th. National Bank Financial set a $55.00 target price on shares of Camden National in a report on Thursday, July 30th. Raymond James Financial increased their price target on shares of Camden National from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods increased their price target on shares of Camden National from $50.00 to $55.00 and gave the stock a “market perform” rating in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Camden National has an average rating of “Hold” and an average price target of $55.25.
Camden National Stock Performance
Shares of CAC opened at $56.58 on Thursday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.09. The business’s 50 day moving average price is $55.64 and its 200-day moving average price is $51.17. Camden National Corporation has a 52 week low of $35.00 and a 52 week high of $60.59. The stock has a market cap of $956.20 million, a P/E ratio of 10.84 and a beta of 0.55.
Camden National (NASDAQ:CAC – Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.06. Camden National had a return on equity of 12.59% and a net margin of 23.64%.The company had revenue of $67.41 million for the quarter, compared to the consensus estimate of $66.41 million. Equities research analysts anticipate that Camden National Corporation will post 5.43 earnings per share for the current fiscal year.
Camden National Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were issued a dividend of $0.42 per share. The ex-dividend date was Wednesday, July 15th. This represents a $1.68 annualized dividend and a dividend yield of 3.0%. Camden National’s dividend payout ratio (DPR) is presently 32.18%.
Camden National Company Profile
Camden National Corporation is a bank holding company headquartered in Camden, Maine. Through its primary subsidiary, Camden National Bank, the company provides a full range of community banking services to individuals and businesses. Its branch network spans much of the State of Maine, with a concentration in the midcoast, central and southern regions.
The company’s offerings include deposit products such as checking, savings and money market accounts, along with consumer and commercial lending services.
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