Bank of New York Mellon Corp Purchases New Holdings in Camden National Corporation $CAC

Bank of New York Mellon Corp purchased a new position in Camden National Corporation (NASDAQ:CAC - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 120,710 shares of the financial services provider's stock, valued at approximately $6,545,000. Bank of New York Mellon Corp owned about 0.71% of Camden National at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CAC. Franklin Resources Inc. grew its holdings in shares of Camden National by 7.8% during the third quarter. Franklin Resources Inc. now owns 1,559,400 shares of the financial services provider's stock worth $60,177,000 after buying an additional 113,221 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Camden National by 70.4% in the fourth quarter. Wellington Management Group LLP now owns 220,382 shares of the financial services provider's stock valued at $9,560,000 after purchasing an additional 91,018 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Camden National by 2,802.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 64,348 shares of the financial services provider's stock worth $2,791,000 after acquiring an additional 62,131 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Camden National by 98.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 120,062 shares of the financial services provider's stock worth $5,208,000 after acquiring an additional 59,479 shares during the period. Finally, Empowered Funds LLC increased its holdings in shares of Camden National by 322.3% during the 1st quarter. Empowered Funds LLC now owns 69,644 shares of the financial services provider's stock worth $3,305,000 after buying an additional 53,154 shares during the last quarter. 77.41% of the stock is currently owned by hedge funds and other institutional investors.

Camden National Trading Up 1.1%

Shares of NASDAQ CAC opened at $58.17 on Friday. Camden National Corporation has a 52 week low of $35.00 and a 52 week high of $60.59. The business has a 50 day simple moving average of $56.26 and a 200 day simple moving average of $51.51. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market cap of $983.07 million, a price-to-earnings ratio of 11.14 and a beta of 0.54.

Camden National (NASDAQ:CAC - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.06. Camden National had a return on equity of 12.59% and a net margin of 23.64%.The company had revenue of $67.41 million during the quarter, compared to the consensus estimate of $66.41 million. On average, research analysts predict that Camden National Corporation will post 5.43 earnings per share for the current fiscal year.

Camden National Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Wednesday, July 15th. Camden National's dividend payout ratio is presently 32.18%.

Analyst Upgrades and Downgrades

CAC has been the topic of several research analyst reports. Raymond James Financial boosted their price objective on shares of Camden National from $56.00 to $58.00 and gave the company an "outperform" rating in a report on Wednesday, July 1st. National Bank Financial set a $55.00 price target on shares of Camden National in a research note on Thursday, July 30th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Camden National in a report on Tuesday, June 9th. Finally, Keefe, Bruyette & Woods upped their price objective on Camden National from $50.00 to $55.00 and gave the company a "market perform" rating in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $55.25.

Camden National Company Profile

Camden National Corporation is a bank holding company headquartered in Camden, Maine. Through its primary subsidiary, Camden National Bank, the company provides a full range of community banking services to individuals and businesses. Its branch network spans much of the State of Maine, with a concentration in the midcoast, central and southern regions.

The company's offerings include deposit products such as checking, savings and money market accounts, along with consumer and commercial lending services.

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