Empowered Funds LLC Purchases Shares of 74,993 Camden National Corporation $CAC

Key Points

• Empowered Funds LLC acquired 74,993 shares of Camden National, valued at approximately $4.1 million, representing about 0.44% of the company. Institutional investors collectively own 77.41% of CAC.
• Camden National beat quarterly expectations, reporting $1.35 in EPS versus a $1.29 consensus estimate and revenue of $67.41 million versus $66.41 million expected.
• The company pays a quarterly dividend of $0.42, or $1.68 annually, yielding about 3.0%. Analysts maintain a consensus “Hold” rating with an average price target of $55.25, below the reported $56.48 share price.

Empowered Funds LLC acquired a new stake in Camden National Corporation (NASDAQ:CAC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 74,993 shares of the financial services provider's stock, valued at approximately $4,066,000. Empowered Funds LLC owned approximately 0.44% of Camden National as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CAC. Dean Capital Management boosted its stake in Camden National by 57.7% in the 1st quarter. Dean Capital Management now owns 61,881 shares of the financial services provider's stock worth $2,936,000 after purchasing an additional 22,630 shares during the period. UBS Group AG grew its holdings in Camden National by 47.2% during the 4th quarter. UBS Group AG now owns 58,395 shares of the financial services provider's stock valued at $2,533,000 after buying an additional 18,722 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Camden National during the second quarter valued at approximately $1,591,000. Basswood Capital Management L.L.C. bought a new stake in shares of Camden National during the second quarter valued at approximately $13,430,000. Finally, Sheets Smith Wealth Management bought a new stake in shares of Camden National during the first quarter valued at approximately $679,000. Institutional investors own 77.41% of the company's stock.

Camden National Stock Down 0.3%

Shares of CAC opened at $56.48 on Tuesday. Camden National Corporation has a 52-week low of $35.00 and a 52-week high of $60.59. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.09. The business has a fifty day moving average of $55.95 and a 200 day moving average of $51.31. The company has a market cap of $954.51 million, a PE ratio of 10.82 and a beta of 0.55.

Camden National (NASDAQ:CAC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $1.35 EPS for the quarter, beating the consensus estimate of $1.29 by $0.06. The company had revenue of $67.41 million for the quarter, compared to the consensus estimate of $66.41 million. Camden National had a net margin of 23.64% and a return on equity of 12.59%. On average, sell-side analysts expect that Camden National Corporation will post 5.43 EPS 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 issued a $0.42 dividend. The ex-dividend date was Wednesday, July 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.0%. Camden National's dividend payout ratio is presently 32.18%.

Wall Street Analyst Weigh In

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

About Camden National

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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