Camden National (CAC) Raised to Hold at BidaskClub

BidaskClub upgraded shares of Camden National (NASDAQ:CAC) from a sell rating to a hold rating in a research report report published on Sunday.

Other analysts also recently issued research reports about the company. ValuEngine downgraded Camden National from a buy rating to a hold rating in a research report on Thursday, February 8th. Piper Jaffray Companies boosted their price objective on Camden National from $50.50 to $51.00 and gave the company an overweight rating in a research report on Friday, February 2nd. Finally, Keefe, Bruyette & Woods reiterated a hold rating and issued a $48.00 price objective on shares of Camden National in a research report on Friday, December 22nd.

Shares of Camden National (NASDAQ CAC) opened at $42.44 on Friday. The firm has a market capitalization of $663.84, a P/E ratio of 23.32 and a beta of 0.80. Camden National has a 12-month low of $37.10 and a 12-month high of $47.41. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.79 and a quick ratio of 0.79.

Camden National (NASDAQ:CAC) last released its earnings results on Tuesday, January 30th. The financial services provider reported $0.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.02. The firm had revenue of $39.50 million during the quarter. analysts expect that Camden National will post 3.42 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 31st. Shareholders of record on Monday, January 15th were given a $0.25 dividend. The ex-dividend date of this dividend was Thursday, January 11th. This represents a $1.00 annualized dividend and a yield of 2.36%. This is an increase from Camden National’s previous quarterly dividend of $0.23. Camden National’s payout ratio is presently 54.95%.

In other news, EVP Joanne T. Campbell sold 2,271 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $44.05, for a total transaction of $100,037.55. Following the transaction, the executive vice president now directly owns 17,916 shares of the company’s stock, valued at $789,199.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Edmund M. Hayden sold 2,340 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $45.56, for a total value of $106,610.40. Following the transaction, the executive vice president now directly owns 7,958 shares in the company, valued at $362,566.48. The disclosure for this sale can be found here. Insiders own 2.34% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC increased its stake in shares of Camden National by 1.7% during the fourth quarter. Renaissance Technologies LLC now owns 413,749 shares of the financial services provider’s stock valued at $17,431,000 after buying an additional 6,800 shares during the period. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Camden National during the fourth quarter valued at approximately $2,836,000. Citadel Advisors LLC increased its stake in shares of Camden National by 37.4% during the fourth quarter. Citadel Advisors LLC now owns 11,826 shares of the financial services provider’s stock valued at $498,000 after buying an additional 3,221 shares during the period. Eagle Asset Management Inc. increased its stake in shares of Camden National by 2.3% during the fourth quarter. Eagle Asset Management Inc. now owns 60,205 shares of the financial services provider’s stock valued at $2,536,000 after buying an additional 1,348 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of Camden National by 9.2% during the fourth quarter. Wells Fargo & Company MN now owns 51,390 shares of the financial services provider’s stock valued at $2,165,000 after buying an additional 4,348 shares during the period. 63.54% of the stock is currently owned by hedge funds and other institutional investors.

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About Camden National

Camden National Corporation is a bank holding company. The Company is a diversified financial services provider. The primary business of the Company and its subsidiary, Camden National Bank (the Bank), is to attract deposits from, and to extend loans to, consumer, institutional, municipal, non-profit and commercial customers.

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