Empowered Funds LLC Buys 53,154 Shares of Camden National Corporation $CAC

Key Points

• Empowered Funds LLC increased its Camden National stake by 322.3% in the first quarter, purchasing 53,154 additional shares and bringing its holdings to 69,644 shares valued at approximately $3.3 million. Institutional investors collectively own 77.41% of the company.
• Camden National shares opened at $59.28, near their 52-week high of $59.82, while the bank reported quarterly earnings of $1.35 per share and revenue of $67.41 million—both above analyst expectations.
• The company paid a quarterly dividend of $0.42 per share, representing a 2.8% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $55.25.

Empowered Funds LLC raised its position in shares of Camden National Corporation (NASDAQ:CAC - Free Report) by 322.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 69,644 shares of the financial services provider's stock after purchasing an additional 53,154 shares during the period. Empowered Funds LLC owned 0.41% of Camden National worth $3,305,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. Los Angeles Capital Management LLC lifted its position in shares of Camden National by 1.8% during the 4th quarter. Los Angeles Capital Management LLC now owns 15,982 shares of the financial services provider's stock valued at $693,000 after buying an additional 284 shares during the last quarter. Quantbot Technologies LP increased its holdings in Camden National by 11.9% in the 3rd quarter. Quantbot Technologies LP now owns 3,545 shares of the financial services provider's stock worth $137,000 after acquiring an additional 378 shares during the last quarter. Intech Investment Management LLC raised its stake in Camden National by 6.1% in the 3rd quarter. Intech Investment Management LLC now owns 7,282 shares of the financial services provider's stock valued at $281,000 after acquiring an additional 421 shares during the period. Signaturefd LLC raised its stake in Camden National by 2.2% in the 4th quarter. Signaturefd LLC now owns 20,592 shares of the financial services provider's stock valued at $893,000 after acquiring an additional 434 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in Camden National by 106.1% during the first quarter. PNC Financial Services Group Inc. now owns 878 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 452 shares during the last quarter. 77.41% of the stock is owned by hedge funds and other institutional investors.

Camden National Stock Up 2.4%

Shares of NASDAQ:CAC opened at $59.28 on Tuesday. The firm has a fifty day moving average price of $53.21 and a two-hundred day moving average price of $49.88. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.82 and a quick ratio of 0.82. Camden National Corporation has a one year low of $35.00 and a one year high of $59.82. The company has a market cap of $1.00 billion, a price-to-earnings ratio of 11.36 and a beta of 0.55.

Camden National (NASDAQ:CAC - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.06. Camden National had a net margin of 23.64% and a return on equity of 12.73%. The firm had revenue of $67.41 million for the quarter, compared to analysts' expectations of $66.41 million. Analysts anticipate that Camden National Corporation will post 5.43 EPS for the current fiscal year.

Camden National Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Wednesday, July 15th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Wednesday, July 15th. Camden National's dividend payout ratio is 32.18%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CAC shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Camden National in a research report on Tuesday, June 9th. National Bank Financial set a $55.00 price target on shares of Camden National in a research note on Thursday. Keefe, Bruyette & Woods raised their price objective on shares of Camden National from $50.00 to $55.00 and gave the stock a "market perform" rating in a report on Thursday, July 30th. Finally, Raymond James Financial lifted their price objective on shares of Camden National from $56.00 to $58.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $55.25.

Camden National 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source