Vanguard Group Inc. Grows Holdings in Camden National Corporation $CAC

Key Points

• Vanguard Group Inc. increased its holdings in Camden National Corporation by 9.7%, owning 874,341 shares worth approximately $35.4 million.
• Multiple analysts have upgraded Camden National's rating, with Stephens moving it from "equal weight" to "overweight" despite a lowered price target.
• Camden National recently announced a quarterly dividend of $0.42 per share, representing an annualized yield of 4.1%.

Vanguard Group Inc. boosted its stake in shares of Camden National Corporation (NASDAQ:CAC - Free Report) by 9.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 874,341 shares of the financial services provider's stock after buying an additional 77,106 shares during the quarter. Vanguard Group Inc. owned 5.18% of Camden National worth $35,385,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Eastern Bank purchased a new position in shares of Camden National in the first quarter valued at approximately $50,000. Mackenzie Financial Corp purchased a new position in shares of Camden National in the first quarter valued at approximately $1,410,000. Noesis Capital Mangement Corp purchased a new position in shares of Camden National in the first quarter valued at approximately $519,000. KLP Kapitalforvaltning AS boosted its stake in shares of Camden National by 29.2% in the first quarter. KLP Kapitalforvaltning AS now owns 3,100 shares of the financial services provider's stock valued at $125,000 after purchasing an additional 700 shares during the period. Finally, Segall Bryant & Hamill LLC boosted its stake in shares of Camden National by 15.2% in the first quarter. Segall Bryant & Hamill LLC now owns 48,229 shares of the financial services provider's stock valued at $1,952,000 after purchasing an additional 6,376 shares during the period. Hedge funds and other institutional investors own 77.41% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CAC. Wall Street Zen began coverage on shares of Camden National in a report on Monday, May 19th. They issued a "hold" rating on the stock. Keefe, Bruyette & Woods cut 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. Stephens raised shares of Camden National from an "equal weight" rating to an "overweight" rating and cut their price objective for the stock 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 research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.00.

Camden National Trading Up 0.2%

Shares of NASDAQ:CAC traded up $0.08 during trading on Friday, reaching $40.89. 85,170 shares of the stock were exchanged, compared to its average volume of 65,865. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.81. Camden National Corporation has a 12-month low of $34.53 and a 12-month high of $50.07. The firm has a market cap of $691.86 million, a price-to-earnings ratio of 12.94 and a beta of 0.66. The firm's 50-day moving average price is $40.36 and its 200 day moving average price is $40.25.

Camden National (NASDAQ:CAC - Get Free Report) last issued its earnings results on Tuesday, July 29th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.12 by ($0.23). Camden National had a return on equity of 10.19% and a net margin of 14.77%.The firm had revenue of $69.82 million for the quarter, compared to analysts' expectations of $61.04 million. On average, sell-side analysts anticipate that Camden National Corporation will post 4.25 earnings per share for the current fiscal year.

Camden National Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Tuesday, July 15th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Tuesday, July 15th. Camden National's dividend payout ratio is currently 53.16%.

Camden National 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.