Davis R M Inc. Trims Stock Position in Camden National Corporation (NASDAQ:CAC)

Key Points

• Davis R M Inc. has reduced its stake in Camden National Corporation by 63.2%, now owning 34,900 shares worth approximately $1.4 million following the sale of 60,064 shares in Q1.
• Several other institutional investors, including Franklin Resources Inc. and JPMorgan Chase & Co., have increased their holdings in Camden National in the 4th quarter, contributing to a total institutional ownership of 77.41%.
• Camden National recently reported $0.89 earnings per share, which was below analysts' expectations of $1.12, despite revenue exceeding estimates at $69.82 million.

Davis R M Inc. lessened its stake in shares of Camden National Corporation (NASDAQ:CAC - Free Report) by 63.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,900 shares of the financial services provider's stock after selling 60,064 shares during the quarter. Davis R M Inc. owned about 0.21% of Camden National worth $1,412,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Franklin Resources Inc. increased its holdings in shares of Camden National by 7.4% in the 4th quarter. Franklin Resources Inc. now owns 1,311,526 shares of the financial services provider's stock valued at $56,055,000 after acquiring an additional 90,485 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Camden National by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 858,979 shares of the financial services provider's stock valued at $36,713,000 after acquiring an additional 15,822 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Camden National by 12.6% in the 4th quarter. JPMorgan Chase & Co. now owns 319,794 shares of the financial services provider's stock valued at $13,668,000 after acquiring an additional 35,883 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Camden National by 2.7% in the 4th quarter. Renaissance Technologies LLC now owns 289,800 shares of the financial services provider's stock valued at $12,386,000 after acquiring an additional 7,500 shares during the period. Finally, American Century Companies Inc. increased its holdings in shares of Camden National by 0.7% in the 4th quarter. American Century Companies Inc. now owns 206,804 shares of the financial services provider's stock valued at $8,839,000 after acquiring an additional 1,508 shares during the period. Hedge funds and other institutional investors own 77.41% of the company's stock.

Camden National Stock Performance

NASDAQ:CAC opened at $37.71 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.10. Camden National Corporation has a fifty-two week low of $34.53 and a fifty-two week high of $50.07. The stock has a market cap of $636.92 million, a PE ratio of 11.93 and a beta of 0.63. The firm's fifty day simple moving average is $40.52 and its 200-day simple moving average is $41.13.

Camden National (NASDAQ:CAC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.89 earnings per share for the quarter, missing analysts' consensus estimates of $1.12 by ($0.23). Camden National had a return on equity of 10.58% and a net margin of 14.77%. The company had revenue of $69.82 million for the quarter, compared to analyst estimates of $61.04 million. Analysts expect that Camden National Corporation will post 4.25 earnings per share for the current fiscal year.

Camden National Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.5%. Camden National's dividend payout ratio is 53.16%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CAC shares. Wall Street Zen started coverage on shares of Camden National in a research note on Monday, May 19th. They issued a "hold" rating on the stock. Keefe, Bruyette & Woods dropped 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 research note on Wednesday, May 7th.

Camden National Company 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.

Want to see what other hedge funds are holding CAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Camden National Corporation (NASDAQ:CAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.