Hotchkis & Wiley Capital Management LLC Sells 30,800 Shares of Camden National Corporation $CAC

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in Camden National Corporation by 17.3%, owning approximately 147,556 shares valued at about $5.97 million after selling 30,800 shares in the 1st quarter of the year.
• Camden National reported earnings of $0.89 per share for the quarter ending July 29, missing analysts' estimates by $0.23, despite revenue exceeding expectations at $69.82 million.
• The company recently declared a quarterly dividend of $0.42 per share, representing an annualized dividend of $1.68 and a yield of 4.2% with a payout ratio of 53.16%.

Hotchkis & Wiley Capital Management LLC lessened its holdings in Camden National Corporation (NASDAQ:CAC - Free Report) by 17.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 147,556 shares of the financial services provider's stock after selling 30,800 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.87% of Camden National worth $5,972,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. raised its holdings in Camden National by 15.8% in the 1st 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 last quarter. AlphaQuest LLC grew its position in shares of Camden National by 32.0% during the 1st quarter. AlphaQuest LLC now owns 5,626 shares of the financial services provider's stock worth $228,000 after buying an additional 1,363 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Camden National during the 1st quarter worth approximately $2,160,000. Sei Investments Co. grew its position in shares of Camden National by 8.2% during the 1st quarter. Sei Investments Co. now owns 13,421 shares of the financial services provider's stock worth $556,000 after buying an additional 1,018 shares during the period. Finally, Kovitz Investment Group Partners LLC acquired a new stake in Camden National in the 1st quarter valued at $220,000. Institutional investors own 77.41% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on CAC. Stephens upgraded Camden National from an "equal weight" rating to an "overweight" rating and dropped their price objective for the company from $49.00 to $44.00 in a research note on Wednesday, August 6th. Keefe, Bruyette & Woods lowered their target price on 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. Wall Street Zen started coverage on Camden National in a research note on Monday, May 19th. They set a "hold" rating on the stock. Finally, Zacks Research raised Camden National to a "hold" rating in a report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $48.00.

Camden National Price Performance

Shares of NASDAQ CAC traded up $0.08 during midday trading on Friday, hitting $40.89. 85,170 shares of the company's stock were exchanged, compared to its average volume of 63,835. Camden National Corporation has a 12-month low of $34.53 and a 12-month high of $50.07. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09. The company has a market cap of $691.86 million, a price-to-earnings ratio of 12.94 and a beta of 0.67. The business's fifty day moving average price is $40.36 and its two-hundred day moving average price is $40.21.

Camden National (NASDAQ:CAC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.89 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.23). Camden National had a return on equity of 10.19% and a net margin of 14.77%.The business had revenue of $69.82 million for the quarter, compared to analysts' expectations of $61.04 million. As a group, research analysts forecast that Camden National Corporation will post 4.25 EPS for the current fiscal year.

Camden National Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors 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 dividend on an annualized basis and a 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.