Wellington Management Group LLP Acquires Shares of 53,384 Camden National Corporation $CAC

Key Points

• Wellington Management Group LLP has acquired 53,384 shares of Camden National Corporation, valued at approximately $2.16 million, increasing their stake to 0.32% of the company.
• Analysts have given Camden National a consensus rating of "Moderate Buy" with a target price of $48.00, although recent reports indicate mixed outlooks from various firms.
• Camden National announced a quarterly dividend of $0.42 per share, resulting in a dividend yield of 4.1%, and has a dividend payout ratio of 53.16%.

Wellington Management Group LLP bought a new stake in Camden National Corporation (NASDAQ:CAC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 53,384 shares of the financial services provider's stock, valued at approximately $2,160,000. Wellington Management Group LLP owned approximately 0.32% of Camden National as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Sei Investments Co. boosted its holdings in Camden National by 8.2% during the first quarter. Sei Investments Co. now owns 13,421 shares of the financial services provider's stock worth $556,000 after buying an additional 1,018 shares in the last quarter. Kovitz Investment Group Partners LLC purchased a new stake in Camden National during the first quarter worth about $220,000. HighTower Advisors LLC boosted its holdings in Camden National by 4.1% during the first quarter. HighTower Advisors LLC now owns 7,811 shares of the financial services provider's stock worth $316,000 after buying an additional 311 shares in the last quarter. Nuveen LLC purchased a new stake in Camden National during the first quarter worth about $1,643,000. Finally, Invesco Ltd. boosted its holdings in Camden National by 1.9% during the first quarter. Invesco Ltd. now owns 36,176 shares of the financial services provider's stock worth $1,464,000 after buying an additional 665 shares in the last quarter. Hedge funds and other institutional investors own 77.41% of the company's stock.

Camden National Trading Up 0.9%

Shares of Camden National stock traded up $0.37 during trading hours on Thursday, hitting $40.72. The company's stock had a trading volume of 24,073 shares, compared to its average volume of 76,213. Camden National Corporation has a 1-year low of $34.53 and a 1-year high of $50.07. The business has a fifty day moving average of $40.40 and a 200 day moving average of $40.19. The company has a market capitalization of $688.90 million, a PE ratio of 12.88 and a beta of 0.67. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.09.

Camden National (NASDAQ:CAC - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.23). Camden National had a return on equity of 10.19% and a net margin of 14.77%.The business had revenue of $69.82 million during the quarter, compared to analyst estimates of $61.04 million. As a group, equities analysts forecast that Camden National Corporation will post 4.25 EPS for the current year.

Camden National Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Tuesday, July 15th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Tuesday, July 15th. Camden National's dividend payout ratio (DPR) is presently 53.16%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of Camden National from $48.00 to $47.00 and set a "market perform" rating on the stock in a report on Wednesday, May 7th. Wall Street Zen started coverage on shares of Camden National in a report on Monday, May 19th. They set a "hold" rating on the stock. Stephens raised shares of Camden National from an "equal weight" rating to an "overweight" rating and reduced their price target for the company from $49.00 to $44.00 in a report on Wednesday, August 6th. Finally, Zacks Research raised shares of Camden National to a "hold" rating in a report on Tuesday, August 12th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $48.00.

Camden National Company 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.