BlackRock Inc. Purchases Shares of 1,782,726 Camden National Corporation $CAC

Key Points

• BlackRock acquired 1.78 million Camden National shares worth approximately $96.7 million, giving it a 10.54% stake. Institutional investors collectively own 77.41% of the company.
• Camden National reported quarterly EPS of $1.35, exceeding the $1.29 analyst consensus, while revenue of $67.41 million also surpassed expectations.
• Analysts maintain a consensus “Hold” rating with an average price target of $55.25. Camden National also pays a quarterly dividend of $0.42, equivalent to a 3.0% annual yield.

BlackRock Inc. purchased a new position in shares of Camden National Corporation (NASDAQ:CAC - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 1,782,726 shares of the financial services provider's stock, valued at approximately $96,659,000. BlackRock Inc. owned approximately 10.54% of Camden National as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Deutsche Bank AG acquired a new position in shares of Camden National during the 2nd quarter valued at $949,000. Trust Co. of Vermont acquired a new stake in Camden National in the second quarter worth $90,000. Bank of New York Mellon Corp bought a new stake in Camden National in the second quarter valued at $6,545,000. Clearstead Trust LLC bought a new stake in Camden National in the second quarter valued at $29,000. Finally, Northside Capital Management LLC bought a new stake in Camden National in the second quarter valued at $203,000. Institutional investors and hedge funds own 77.41% of the company's stock.

Analyst Upgrades and Downgrades

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

Camden National Stock Performance

CAC stock opened at $56.66 on Friday. Camden National Corporation has a 12-month low of $35.00 and a 12-month high of $60.59. The firm has a market cap of $957.55 million, a PE ratio of 10.85 and a beta of 0.55. The business has a 50 day moving average of $55.85 and a 200-day moving average of $51.25. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.09.

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

Camden National Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Wednesday, July 15th. Camden National's dividend payout ratio (DPR) is currently 32.18%.

About Camden National

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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