Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 29,336 Camden National Corporation $CAC

Key Points

• Connor Clark & Lunn Investment Management purchased 29,336 Camden National shares valued at approximately $1.59 million, giving it a 0.17% stake. Institutional investors collectively own 77.41% of the company.
• Camden National reported quarterly EPS of $1.35, exceeding the $1.29 consensus estimate, while revenue reached $67.41 million. The company maintains a quarterly dividend of $0.42, equivalent to a 3.0% annual yield.
• CAC shares opened at $56.66, near the analysts’ consensus price target of $55.25. Analysts hold a consensus “Hold” rating, with two Buy ratings and three Holds.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Camden National Corporation (NASDAQ:CAC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 29,336 shares of the financial services provider's stock, valued at approximately $1,591,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.17% of Camden National as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. BlackRock Inc. purchased a new stake in Camden National during the 2nd quarter valued at about $96,659,000. Franklin Resources Inc. lifted its stake in Camden National by 7.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,559,400 shares of the financial services provider's stock worth $60,177,000 after purchasing an additional 113,221 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Camden National by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 830,350 shares of the financial services provider's stock worth $39,400,000 after purchasing an additional 8,205 shares in the last quarter. State Street Corp boosted its holdings in shares of Camden National by 0.4% during the 4th quarter. State Street Corp now owns 475,268 shares of the financial services provider's stock worth $20,617,000 after purchasing an additional 1,852 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Camden National by 70.4% during the 4th quarter. Wellington Management Group LLP now owns 220,382 shares of the financial services provider's stock worth $9,560,000 after purchasing an additional 91,018 shares during the last quarter. Hedge funds and other institutional investors own 77.41% of the company's stock.

Camden National Stock Performance

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

Camden National (NASDAQ:CAC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.06. Camden National had a net margin of 23.64% and a return on equity of 12.59%. The firm had revenue of $67.41 million for the quarter, compared to analyst estimates of $66.41 million. Equities analysts anticipate that Camden National Corporation will post 5.43 earnings per share for the current year.

Camden National Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. National Bank Financial set a $55.00 price target on Camden National in a report on Thursday, July 30th. Keefe, Bruyette & Woods boosted their price objective 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. Weiss Ratings restated a "buy (b)" rating on shares of Camden National in a report on Tuesday, June 9th. Finally, 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. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Camden National presently has a consensus rating of "Hold" and an average price target 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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