Camden National Bank (CAC) Cut to “Hold” at ValuEngine

ValuEngine cut shares of Camden National Bank (NASDAQ:CAC) from a buy rating to a hold rating in a report released on Wednesday morning.

A number of other research analysts also recently commented on CAC. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $48.00 price objective on shares of Camden National Bank in a research note on Friday, December 22nd. BidaskClub downgraded shares of Camden National Bank from a hold rating to a sell rating in a research note on Thursday, January 4th. Finally, Piper Jaffray upped their price objective on shares of Camden National Bank from $50.50 to $51.00 and gave the company an overweight rating in a research note on Friday, February 2nd.

NASDAQ CAC opened at $44.96 on Wednesday. Camden National Bank 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 0.80 and a quick ratio of 0.80. The stock has a market cap of $692.02, a PE ratio of 16.27 and a beta of 0.76.

Camden National Bank (NASDAQ:CAC) last posted its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.71 EPS for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.02. Camden National Bank had a net margin of 16.30% and a return on equity of 10.54%. The company had revenue of $39.50 million during the quarter. analysts expect that Camden National Bank will post 3.42 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 30th. Investors of record on Friday, April 13th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Thursday, April 12th. Camden National Bank’s dividend payout ratio (DPR) is presently 36.63%.

In other Camden National Bank news, CEO Gregory A. Dufour bought 1,810 shares of the company’s stock in a transaction that occurred on Thursday, March 15th. The stock was purchased at an average price of $30.15 per share, with a total value of $54,571.50. Following the transaction, the chief executive officer now owns 85,725 shares in the company, valued at $2,584,608.75. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Deborah A. Jordan bought 961 shares of the company’s stock in a transaction that occurred on Thursday, March 15th. The shares were acquired at an average cost of $30.15 per share, with a total value of $28,974.15. Following the transaction, the chief financial officer now owns 51,702 shares in the company, valued at approximately $1,558,815.30. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 3,308 shares of company stock valued at $99,736. Corporate insiders own 2.34% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of CAC. SG Americas Securities LLC acquired a new stake in Camden National Bank during the 3rd quarter worth approximately $208,000. Wells Fargo & Company MN increased its position in Camden National Bank by 11.7% during the 3rd quarter. Wells Fargo & Company MN now owns 47,042 shares of the financial services provider’s stock worth $2,053,000 after purchasing an additional 4,911 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in Camden National Bank by 3.8% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 85,644 shares of the financial services provider’s stock worth $3,738,000 after purchasing an additional 3,151 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Camden National Bank by 3.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 701,020 shares of the financial services provider’s stock worth $30,593,000 after purchasing an additional 23,161 shares in the last quarter. Finally, OxFORD Asset Management LLP increased its position in Camden National Bank by 22.6% during the 3rd quarter. OxFORD Asset Management LLP now owns 18,859 shares of the financial services provider’s stock worth $834,000 after purchasing an additional 3,474 shares in the last quarter. 64.53% of the stock is owned by hedge funds and other institutional investors.

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About Camden National Bank

Camden National Corporation operates as the holding company for Camden National Bank that provides commercial and consumer banking products and services to consumer, institutional, municipal, non-profit, and commercial customers. It offers various deposit products, including demand, checking, saving, and money market accounts; and time deposits.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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