Camden National (CAC) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Camden National (NASDAQ:CAC) from a strong sell rating to a hold rating in a report released on Tuesday morning.

According to Zacks, “Camden National Corporation is a multi-bank, financial institution holding company. Products services are available directly and indirectly through its subsidiaries, Camden National Bank, UnitedKingfield Bank, Acadia Trust, N.A, and Trust Company of Maine, Inc. “

A number of other brokerages have also commented on CAC. BidaskClub raised Camden National from a hold rating to a buy rating in a report on Friday, June 22nd. ValuEngine raised Camden National from a hold rating to a buy rating in a report on Friday, April 27th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $49.50.

Shares of CAC opened at $46.58 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.80 and a quick ratio of 0.79. The company has a market cap of $722.45 million, a price-to-earnings ratio of 15.95 and a beta of 0.71. Camden National has a 52 week low of $37.10 and a 52 week high of $47.86.

Camden National (NASDAQ:CAC) last issued its quarterly earnings data on Tuesday, April 24th. The financial services provider reported $0.82 EPS for the quarter, hitting analysts’ consensus estimates of $0.82. The firm had revenue of $37.71 million during the quarter. Camden National had a return on equity of 11.17% and a net margin of 17.56%. analysts expect that Camden National will post 3.3 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 31st. Stockholders of record on Friday, July 13th will be issued a $0.30 dividend. The ex-dividend date is Thursday, July 12th. This is a positive change from Camden National’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 2.58%. Camden National’s dividend payout ratio is currently 36.63%.

Several hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC purchased a new position in Camden National in the first quarter valued at approximately $205,000. Teacher Retirement System of Texas purchased a new position in Camden National in the fourth quarter valued at approximately $225,000. GW&K Investment Management LLC purchased a new position in Camden National in the first quarter valued at approximately $271,000. MetLife Investment Advisors LLC purchased a new position in Camden National in the fourth quarter valued at approximately $330,000. Finally, Aperio Group LLC lifted its stake in Camden National by 23.8% in the first quarter. Aperio Group LLC now owns 8,199 shares of the financial services provider’s stock valued at $365,000 after purchasing an additional 1,578 shares during the last quarter. 63.31% of the stock is owned by institutional investors.

About Camden National

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.

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