Delphi Management Inc. MA Has $1.29 Million Stock Position in Camden National Corporation $CAC

Key Points

• Delphi Management Inc. MA significantly increased its stake in Camden National Corporation by 158.5%, acquiring an additional 19,493 shares during the second quarter.
• Camden National's recent quarterly earnings report showed an EPS of $0.89, missing analysts' expectations, but revenue of $69.82 million exceeded forecasts.
• The company declared a quarterly dividend of $0.42 per share, reflecting a dividend yield of 4.2%, with a current payout ratio of 53.16%.

Delphi Management Inc. MA grew its holdings in Camden National Corporation (NASDAQ:CAC - Free Report) by 158.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,788 shares of the financial services provider's stock after acquiring an additional 19,493 shares during the quarter. Delphi Management Inc. MA owned 0.19% of Camden National worth $1,290,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Camden National by 9.7% in the first quarter. Vanguard Group Inc. now owns 874,341 shares of the financial services provider's stock worth $35,385,000 after purchasing an additional 77,106 shares during the period. Wellington Management Group LLP acquired a new position in shares of Camden National in the 1st quarter valued at $2,160,000. Nuveen LLC acquired a new position in shares of Camden National in the 1st quarter valued at $1,643,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Camden National in the 4th quarter valued at $1,727,000. Finally, Mackenzie Financial Corp acquired a new position in Camden National in the first quarter worth about $1,410,000. 77.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on CAC shares. Stephens upgraded Camden National from an "equal weight" rating to an "overweight" rating and dropped their price objective for the stock from $49.00 to $44.00 in a research note on Wednesday, August 6th. Zacks Research upgraded shares of Camden National to a "hold" rating in a research report on Tuesday, August 12th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Camden National currently has an average rating of "Moderate Buy" and an average price target of $48.00.

Camden National Stock Performance

Camden National stock traded down $0.95 during midday trading on Friday, hitting $40.57. The company's stock had a trading volume of 43,652 shares, compared to its average volume of 74,829. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market cap of $686.44 million, a price-to-earnings ratio of 12.84 and a beta of 0.67. Camden National Corporation has a 1-year low of $34.53 and a 1-year high of $50.07. The company has a 50-day moving average price of $39.98 and a two-hundred day moving average price of $39.93.

Camden National (NASDAQ:CAC - Get Free Report) last released 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). The business had revenue of $69.82 million during the quarter, compared to analyst estimates of $61.04 million. Camden National had a net margin of 14.77% and a return on equity of 10.19%. As a group, sell-side analysts predict that Camden National Corporation will post 4.25 earnings per share for the current year.

Camden National Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th were given a $0.42 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $1.68 annualized dividend and a dividend yield of 4.1%. Camden National's payout ratio is presently 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.