Mackenzie Financial Corp Takes $1.41 Million Position in Camden National Corporation (NASDAQ:CAC)

Key Points

• Mackenzie Financial Corp has acquired a new stake in Camden National Corporation, purchasing 34,835 shares valued at approximately $1.41 million, representing 0.21% ownership of the company.
• Several institutional investors have increased their positions in Camden National, with GAMMA Investing LLC boosting their stake by an astounding 12,735.9% during the first quarter.
• Camden National recently reported an earnings per share of $0.89 for the last quarter, falling short of the consensus estimate of $1.12, despite generating $69.82 million in revenue.

Mackenzie Financial Corp bought a new position in Camden National Corporation (NASDAQ:CAC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 34,835 shares of the financial services provider's stock, valued at approximately $1,410,000. Mackenzie Financial Corp owned about 0.21% of Camden National as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CAC. CWM LLC increased its position in shares of Camden National by 65.4% during the 1st quarter. CWM LLC now owns 837 shares of the financial services provider's stock worth $34,000 after purchasing an additional 331 shares during the last quarter. Aquatic Capital Management LLC purchased a new stake in Camden National during the 4th quarter worth about $44,000. Federated Hermes Inc. purchased a new position in shares of Camden National in the 4th quarter valued at $46,000. KLP Kapitalforvaltning AS acquired a new position in Camden National in the fourth quarter valued at $103,000. Finally, Tower Research Capital LLC TRC lifted its stake in Camden National by 22.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,901 shares of the financial services provider's stock valued at $124,000 after buying an additional 523 shares during the last quarter. Institutional investors and hedge funds own 77.41% of the company's stock.

Wall Street Analysts Forecast Growth

CAC has been the topic of a number of analyst reports. Wall Street Zen began coverage on Camden National in a report on Monday, May 19th. They issued a "hold" rating on the stock. Stephens raised Camden National from an "equal weight" rating to an "overweight" rating and reduced their target price for the company from $49.00 to $44.00 in a research note on Wednesday. Finally, Keefe, Bruyette & Woods decreased their price target on shares of 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.

Camden National Stock Up 0.8%

NASDAQ:CAC traded up $0.31 during trading hours on Wednesday, reaching $37.17. 90,965 shares of the stock were exchanged, compared to its average volume of 78,667. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.81. Camden National Corporation has a twelve month low of $34.53 and a twelve month high of $50.07. The firm has a 50 day moving average of $40.30 and a 200 day moving average of $40.93. The stock has a market cap of $627.65 million, a PE ratio of 11.76 and a beta of 0.66.

Camden National (NASDAQ:CAC - Get Free Report) last posted its 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 10.58% and a net margin of 14.77%. The company had revenue of $69.82 million for the quarter, compared to analyst estimates of $61.04 million. On average, equities analysts expect that Camden National Corporation will post 4.25 earnings per share for the current year.

Camden National Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th were issued a dividend of $0.42 per share. The ex-dividend date was Tuesday, July 15th. This represents a $1.68 annualized dividend and a dividend yield of 4.5%. Camden National's dividend payout ratio is 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.