Camden National Corporation $CAC Position Raised by Ledyard National Bank

Key Points

• Ledyard National Bank increased its Camden National stake by 601.3% in the third quarter, bringing its holdings to 53,718 shares valued at approximately $3.0 million. Institutional investors and hedge funds collectively own 77.41% of the company.
• Analysts have a mixed view of Camden National, with two Buy ratings and three Hold ratings. The stock’s average price target is $56.50, compared with a recent price of $57.86.
• Camden National reported quarterly earnings of $1.35 per share, topping the $1.29 consensus estimate, and declared a quarterly dividend of $0.42 per share, representing a 2.9% annualized yield.

Ledyard National Bank boosted its holdings in shares of Camden National Corporation (NASDAQ:CAC - Free Report) by 601.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,718 shares of the financial services provider's stock after buying an additional 46,058 shares during the quarter. Ledyard National Bank owned about 0.32% of Camden National worth $2,973,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Camden National in the second quarter worth about $96,659,000. Dimensional Fund Advisors LP boosted its stake in shares of Camden National by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 830,350 shares of the financial services provider's stock worth $39,400,000 after acquiring an additional 8,205 shares in the last quarter. Basswood Capital Management L.L.C. bought a new stake in shares of Camden National during the 2nd quarter worth about $13,430,000. The Manufacturers Life Insurance Company acquired a new position in shares of Camden National during the 2nd quarter valued at about $12,693,000. Finally, Kimelman & Baird LLC acquired a new position in shares of Camden National during the 2nd quarter valued at about $7,444,000. 77.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. National Bank Financial set a $60.00 price objective on Camden National in a research note on Tuesday, September 15th. Hovde Group began coverage on Camden National in a report on Tuesday, September 15th. They issued a "hold" rating for the company. Raymond James Financial upped their target price on Camden National from $56.00 to $58.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods upped their target price on Camden National from $50.00 to $55.00 and gave the stock a "market perform" rating in a research report on Thursday, July 30th. Finally, Weiss Ratings upgraded Camden National from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, October 8th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $56.50.

Camden National Stock Performance

Shares of CAC opened at $57.86 on Friday. The company has a market capitalization of $977.83 million, a PE ratio of 10.83 and a beta of 0.57. Camden National Corporation has a one year low of $36.62 and a one year high of $60.59. 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 $56.93 and its 200 day moving average price is $53.90.

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, beating analysts' consensus estimates of $1.29 by $0.06. The company had revenue of $67.41 million during the quarter, compared to analysts' expectations of $66.41 million. Camden National had a net margin of 23.64% and a return on equity of 12.59%. As a group, analysts expect that Camden National Corporation will post 5.36 earnings per share for the current year.

Camden National Announces Dividend

The firm also recently disclosed 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 dividend yield of 2.9%. The ex-dividend date of this dividend is Thursday, October 15th. Camden National's payout ratio is currently 32.18%.

About Camden National

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

Camden National Bank offers deposit accounts, residential and commercial real estate loans, consumer lending, business financing, cash-management services and digital banking. Its offerings also include wealth management, trust and investment services designed to support customers with financial planning and asset management needs.

Founded in 1875, Camden National has developed a community-banking model supported by branches and banking offices throughout Maine.

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