Delphi Management Inc. MA Purchases 19,493 Shares of 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 lifted its stake in shares of Camden National Corporation (NASDAQ:CAC - Free Report) by 158.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 31,788 shares of the financial services provider's stock after acquiring an additional 19,493 shares during the period. Delphi Management Inc. MA owned 0.19% of Camden National worth $1,290,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of CAC. CWM LLC raised its holdings in Camden National by 65.4% during the first quarter. CWM LLC now owns 837 shares of the financial services provider's stock worth $34,000 after buying an additional 331 shares during the last quarter. Eastern Bank bought a new position in Camden National during the first quarter valued at about $50,000. Northwestern Mutual Wealth Management Co. grew its position in Camden National by 15.8% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,567 shares of the financial services provider's stock valued at $104,000 after buying an additional 350 shares during the period. KLP Kapitalforvaltning AS boosted its position in Camden National by 29.2% during the first quarter. KLP Kapitalforvaltning AS now owns 3,100 shares of the financial services provider's stock worth $125,000 after purchasing an additional 700 shares during the period. Finally, Measured Wealth Private Client Group LLC bought a new position in Camden National during the first quarter worth about $214,000. Institutional investors and hedge funds own 77.41% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on CAC. Zacks Research upgraded shares of Camden National to a "hold" rating in a research report on Tuesday, August 12th. Wall Street Zen began coverage on shares of Camden National in a research note on Monday, May 19th. They issued a "hold" rating on the stock. Finally, Stephens raised shares of Camden National from an "equal weight" rating to an "overweight" rating and decreased their price target for the stock from $49.00 to $44.00 in a research note on Wednesday, August 6th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $48.00.

Camden National Stock Performance

Shares of Camden National stock opened at $40.43 on Friday. The stock has a market cap of $684.08 million, a price-to-earnings ratio of 12.79 and a beta of 0.67. The firm's 50-day moving average is $40.21 and its 200 day moving average is $40.00. Camden National Corporation has a 1 year low of $34.53 and a 1 year high of $50.07. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.81 and a quick ratio of 0.81.

Camden National (NASDAQ:CAC - Get Free Report) last announced its quarterly 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 during the quarter, compared to the consensus estimate of $61.04 million. Sell-side analysts anticipate that Camden National Corporation will post 4.25 EPS for the current fiscal year.

Camden National Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $1.68 annualized dividend and a dividend yield of 4.2%. Camden National's dividend payout ratio is presently 53.16%.

About Camden National

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.

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