Camden National Bank Trims Holdings in Camden National Co. (NASDAQ:CAC)

Camden National Bank reduced its stake in Camden National Co. (NASDAQ:CAC) by 10.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 93,582 shares of the financial services provider’s stock after selling 10,882 shares during the quarter. Camden National Bank’s holdings in Camden National were worth $3,867,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. purchased a new stake in Camden National during the second quarter worth about $73,000. BNP Paribas Financial Markets lifted its holdings in Camden National by 89.3% during the 1st quarter. BNP Paribas Financial Markets now owns 7,060 shares of the financial services provider’s stock worth $237,000 after buying an additional 3,330 shares in the last quarter. SG Americas Securities LLC boosted its position in Camden National by 58.1% in the 3rd quarter. SG Americas Securities LLC now owns 7,077 shares of the financial services provider’s stock valued at $292,000 after buying an additional 2,602 shares during the period. Inspire Investing LLC acquired a new position in shares of Camden National in the second quarter worth $349,000. Finally, US Bancorp DE increased its position in shares of Camden National by 2.9% during the third quarter. US Bancorp DE now owns 11,166 shares of the financial services provider’s stock worth $461,000 after acquiring an additional 319 shares during the period. Hedge funds and other institutional investors own 77.41% of the company’s stock.

Camden National Trading Up 2.6 %

NASDAQ CAC opened at $47.96 on Friday. The firm’s fifty day moving average is $42.36 and its two-hundred day moving average is $37.67. Camden National Co. has a one year low of $28.62 and a one year high of $50.07. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market cap of $699.26 million, a PE ratio of 14.99 and a beta of 0.72.

Camden National (NASDAQ:CAC) last posted its quarterly earnings data on Tuesday, October 29th. The financial services provider reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.11. Camden National had a return on equity of 9.95% and a net margin of 16.47%. The company had revenue of $75.13 million during the quarter, compared to analysts’ expectations of $43.90 million. During the same period last year, the firm earned $0.96 EPS. Analysts expect that Camden National Co. will post 3.45 earnings per share for the current year.

Camden National Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date was Tuesday, October 15th. Camden National’s dividend payout ratio is presently 52.50%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CAC shares. StockNews.com began coverage on shares of Camden National in a report on Saturday, November 16th. They set a “hold” rating for the company. Stephens increased their target price on Camden National from $35.00 to $42.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Keefe, Bruyette & Woods raised their price target on Camden National from $40.00 to $41.00 and gave the stock a “market perform” rating in a research note on Wednesday, September 11th.

Camden National Profile

Camden National Corporation operates as the bank holding company for Camden National Bank that provides various commercial and consumer banking products and services for consumer, institutional, municipal, non-profit, and commercial customers in Maine, New Hampshire, and Massachusetts. The company accepts checking, savings, time, and brokered deposits, as well as deposits with the certificate of deposit account registry system.