Renaissance Technologies LLC Sells 21,806 Shares of Camden National Corporation $CAC

Key Points

• Renaissance Technologies reduced its Camden National stake by 7.8%, selling 21,806 shares and retaining 256,394 shares valued at approximately $12.2 million. Institutional investors collectively own 77.41% of CAC.
• Analysts maintain a generally cautious view, with a consensus “Hold” rating and an average price target of $55.25, below the stock’s reported opening price of $57.89.
• Camden National beat quarterly expectations, reporting $1.35 in EPS and $67.41 million in revenue, while maintaining a quarterly dividend of $0.42 per share, equivalent to a 2.9% annualized yield.

Renaissance Technologies LLC lessened its stake in shares of Camden National Corporation (NASDAQ:CAC - Free Report) by 7.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 256,394 shares of the financial services provider's stock after selling 21,806 shares during the quarter. Renaissance Technologies LLC owned about 1.52% of Camden National worth $12,166,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. PNC Financial Services Group Inc. lifted its holdings in shares of Camden National by 106.1% in the first quarter. PNC Financial Services Group Inc. now owns 878 shares of the financial services provider's stock worth $42,000 after buying an additional 452 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Camden National by 13,790.0% during the third quarter. Russell Investments Group Ltd. now owns 1,389 shares of the financial services provider's stock valued at $54,000 after acquiring an additional 1,379 shares in the last quarter. Advisory Services Network LLC bought a new stake in Camden National during the 3rd quarter worth approximately $58,000. Nisa Investment Advisors LLC lifted its stake in Camden National by 15,220.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,532 shares of the financial services provider's stock worth $66,000 after purchasing an additional 1,522 shares in the last quarter. Finally, Parallel Advisors LLC lifted its stake in Camden National by 114.5% in the 1st quarter. Parallel Advisors LLC now owns 1,950 shares of the financial services provider's stock worth $93,000 after purchasing an additional 1,041 shares in the last quarter. 77.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Camden National Stock Performance

Camden National stock opened at $57.89 on Friday. Camden National Corporation has a fifty-two week low of $35.00 and a fifty-two week high of $59.50. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market cap of $979.21 million, a P/E ratio of 11.09 and a beta of 0.55. The firm's fifty day moving average price is $53.01 and its 200-day moving average price is $49.73.

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

Camden National Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Wednesday, July 15th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Wednesday, July 15th. Camden National's dividend payout ratio (DPR) is currently 32.18%.

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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