The Manufacturers Life Insurance Company Purchases New Stake in Camden National Corporation $CAC

Key Points

• The Manufacturers Life Insurance Company acquired 234,102 Camden National shares worth approximately $12.7 million, giving it a 1.39% stake. Institutional investors collectively own 77.41% of the company.
• Analysts maintain a consensus “Hold” rating with an average price target of $55.25, while recent targets range from $55 to $58.
• Camden National exceeded quarterly expectations, reporting $1.35 in EPS and $67.41 million in revenue. The company also pays a quarterly dividend of $0.42 per share, representing a 3.0% annualized yield.

The Manufacturers Life Insurance Company acquired a new position in shares of Camden National Corporation (NASDAQ:CAC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 234,102 shares of the financial services provider's stock, valued at approximately $12,693,000. The Manufacturers Life Insurance Company owned about 1.39% of Camden National at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Camden National during the second quarter valued at $96,659,000. Franklin Resources Inc. lifted its position in shares of Camden National by 7.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,559,400 shares of the financial services provider's stock worth $60,177,000 after buying an additional 113,221 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Camden National by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 830,350 shares of the financial services provider's stock worth $39,400,000 after buying an additional 8,205 shares during the last quarter. State Street Corp boosted its holdings in shares of Camden National by 0.4% in the 4th quarter. State Street Corp now owns 475,268 shares of the financial services provider's stock valued at $20,617,000 after buying an additional 1,852 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in shares of Camden National by 70.4% in the 4th quarter. Wellington Management Group LLP now owns 220,382 shares of the financial services provider's stock valued at $9,560,000 after buying an additional 91,018 shares during the period. Institutional investors and hedge funds own 77.41% of the company's stock.

Wall Street Analyst Weigh In

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

Camden National Stock Performance

CAC stock opened at $56.66 on Friday. Camden National Corporation has a 1 year low of $35.00 and a 1 year high of $60.59. The stock has a market capitalization of $957.55 million, a price-to-earnings ratio of 10.85 and a beta of 0.55. 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's fifty day moving average is $55.85 and its two-hundred day moving average is $51.25.

Camden National (NASDAQ:CAC - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $1.35 EPS 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 12.59%. The business had revenue of $67.41 million during the quarter, compared to analyst estimates of $66.41 million. On average, research analysts predict that Camden National Corporation will post 5.43 EPS for the current year.

Camden National Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Wednesday, July 15th. Camden National's payout ratio is presently 32.18%.

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.

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