Wellington Management Group LLP Sells 118,441 Shares of Camden National Corporation $CAC

Key Points

• Wellington Management reduced its Camden National stake by 57.7% in the second quarter, selling 118,441 shares and retaining 86,792 shares worth approximately $4.7 million. Institutional investors collectively own 77.41% of the company.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and an average price target of $55.25; individual targets range from $55 to $58.
• Camden National exceeded quarterly earnings expectations, reporting $1.35 in EPS versus the $1.29 consensus and revenue of $67.41 million. The company also pays a $0.42 quarterly dividend, equivalent to a 2.9% yield.

Wellington Management Group LLP cut its holdings in Camden National Corporation (NASDAQ:CAC - Free Report) by 57.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 86,792 shares of the financial services provider's stock after selling 118,441 shares during the quarter. Wellington Management Group LLP owned about 0.51% of Camden National worth $4,706,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CAC. AQR Capital Management LLC boosted its position in shares of Camden National by 151.1% during the first quarter. AQR Capital Management LLC now owns 24,455 shares of the financial services provider's stock worth $990,000 after purchasing an additional 14,715 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Camden National by 20.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,925 shares of the financial services provider's stock valued at $402,000 after buying an additional 1,661 shares in the last quarter. Empowered Funds LLC increased its position in shares of Camden National by 8.4% in the 1st quarter. Empowered Funds LLC now owns 43,043 shares of the financial services provider's stock valued at $1,742,000 after buying an additional 3,318 shares in the last quarter. Jane Street Group LLC acquired a new stake in Camden National during the 1st quarter worth $1,019,000. Finally, Legal & General Group Plc grew its stake in Camden National by 8.5% in the second quarter. Legal & General Group Plc now owns 18,178 shares of the financial services provider's stock valued at $738,000 after acquiring an additional 1,423 shares during the period. Institutional investors and hedge funds own 77.41% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CAC. Keefe, Bruyette & Woods increased their price target on Camden National from $50.00 to $55.00 and gave the stock a "market perform" rating in a report on Thursday, July 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of Camden National in a report on Friday, September 4th. National Bank Financial set a $55.00 price objective on Camden National in a research report on Thursday, July 30th. Finally, Raymond James Financial increased their target price on Camden National from $56.00 to $58.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $55.25.

Camden National Price Performance

Camden National stock opened at $57.18 on Thursday. The stock's fifty day moving average price is $56.43 and its two-hundred day moving average price is $51.69. Camden National Corporation has a one year low of $35.00 and a one year high of $60.59. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market cap of $966.34 million, a PE ratio of 10.95 and a beta of 0.54.

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, topping analysts' consensus estimates of $1.29 by $0.06. Camden National had a return on equity of 12.59% and a net margin of 23.64%.The company had revenue of $67.41 million for the quarter, compared to analysts' expectations of $66.41 million. As a group, research analysts expect that Camden National Corporation will post 5.43 EPS for the current fiscal year.

Camden National Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Wednesday, July 15th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Wednesday, July 15th. Camden National's dividend payout ratio 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.