Bank of America Corp DE Makes New $1.71 Million Investment in Camden National Corporation $CAC

Key Points

• Bank of America purchased 31,517 Camden National shares worth approximately $1.71 million, representing about 0.19% of the company. Institutional investors collectively own 77.41% of Camden National.
• Analysts maintain a consensus “Hold” rating with an average price target of $56.50, while individual targets range from $55 to $60.
• Camden National exceeded quarterly earnings and revenue expectations, reporting $1.35 in EPS and $67.41 million in revenue. The company also declared a quarterly dividend of $0.42 per share, equating to a 3.0% annualized yield.

Bank of America Corp DE bought a new stake in shares of Camden National Corporation (NASDAQ:CAC - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 31,517 shares of the financial services provider's stock, valued at approximately $1,709,000. Bank of America Corp DE owned approximately 0.19% of Camden National at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Basswood Capital Management L.L.C. purchased a new position in shares of Camden National in the 2nd quarter valued at approximately $13,430,000. Odyssean LLC acquired a new stake in Camden National in the 2nd quarter worth approximately $244,000. First Bancorp Inc ME purchased a new stake in Camden National during the 2nd quarter worth approximately $135,000. Jupiter Topco LLC purchased a new stake in Camden National during the 2nd quarter worth approximately $353,000. Finally, Hsbc Holdings PLC acquired a new position in Camden National during the 2nd quarter valued at approximately $338,000. Hedge funds and other institutional investors own 77.41% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CAC. Keefe, Bruyette & Woods raised their price target on shares of Camden National from $50.00 to $55.00 and gave the stock a "market perform" rating in a report on Thursday, July 30th. Weiss Ratings reissued a "buy (b)" rating on shares of Camden National in a research report on Friday, September 4th. Raymond James Financial raised their target price on Camden National from $56.00 to $58.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. National Bank Financial set a $60.00 price target on Camden National in a research report on Tuesday, September 15th. Finally, Hovde Group initiated coverage on Camden National in a research note on Tuesday, September 15th. They set a "hold" rating on the stock. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $56.50.

Camden National Stock Up 1.9%

NASDAQ:CAC opened at $56.42 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.82 and a quick ratio of 0.82. The company's fifty day moving average price is $57.42 and its 200-day moving average price is $52.87. Camden National Corporation has a 1-year low of $35.00 and a 1-year high of $60.59. The firm has a market capitalization of $953.50 million, a P/E ratio of 10.81 and a beta of 0.57.

Camden National (NASDAQ:CAC - Get Free Report) last posted its earnings results on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.29 by $0.06. The company had revenue of $67.41 million during the quarter, compared to the consensus estimate of $66.41 million. Camden National had a net margin of 23.64% and a return on equity of 12.59%. As a group, equities research analysts anticipate that Camden National Corporation will post 5.36 EPS for the current year.

Camden National Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Thursday, October 15th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 3.0%. The ex-dividend date is Thursday, October 15th. Camden National's dividend payout ratio (DPR) is currently 32.18%.

Camden National Company Profile

Camden National Corporation NASDAQ: CAC is a bank holding company headquartered in Camden, Maine. Its principal subsidiary, Camden National Bank, provides banking and financial services to individuals, families, businesses, nonprofit organizations and municipalities across Maine.

The bank offers deposit accounts, residential and commercial lending, home equity loans, consumer loans, cash-management services, online and mobile banking, and other financial products. Through its wealth-management operations, Camden National also provides investment management, trust, retirement planning and related advisory services.

Camden National traces its history to 1875 and has grown into a community-focused banking organization serving customers through a network of locations throughout Maine.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.