Zacks Investment Research Lowers Camden National (NASDAQ:CAC) to Hold

Zacks Investment Research cut shares of Camden National (NASDAQ:CAC) from a buy rating to a hold rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “Camden National Corporation is a multi-bank, financial institution holding company. Products services are available directly and indirectly through its subsidiaries, Camden National Bank, UnitedKingfield Bank, Acadia Trust, N.A, and Trust Company of Maine, Inc. “

Other analysts have also recently issued research reports about the stock. ValuEngine cut shares of Camden National from a hold rating to a sell rating in a report on Tuesday, April 7th. BidaskClub lowered shares of Camden National from a hold rating to a sell rating in a research note on Wednesday, June 17th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The company currently has a consensus rating of Hold and an average price target of $42.00.

Shares of CAC opened at $31.69 on Thursday. The company has a 50-day simple moving average of $33.43 and a two-hundred day simple moving average of $36.07. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.80 and a quick ratio of 0.79. The firm has a market capitalization of $473.92 million, a PE ratio of 8.90 and a beta of 0.99. Camden National has a one year low of $25.74 and a one year high of $48.48.

Camden National (NASDAQ:CAC) last announced its earnings results on Tuesday, July 28th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.73. The firm had revenue of $46.60 million during the quarter, compared to analyst estimates of $43.96 million. Camden National had a return on equity of 11.33% and a net margin of 25.84%. Analysts expect that Camden National will post 3.27 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were paid a $0.33 dividend. The ex-dividend date was Tuesday, July 14th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.17%. Camden National’s dividend payout ratio is currently 35.77%.

In other news, Director Ann W. Bresnahan acquired 10,000 shares of Camden National stock in a transaction on Thursday, May 14th. The stock was acquired at an average cost of $27.78 per share, for a total transaction of $277,800.00. Following the purchase, the director now owns 39,190 shares in the company, valued at $1,088,698.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.23% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Amundi Pioneer Asset Management Inc. raised its position in Camden National by 10.9% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 90,080 shares of the financial services provider’s stock worth $3,758,000 after buying an additional 8,825 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Camden National by 50.9% during the fourth quarter. Victory Capital Management Inc. now owns 3,711 shares of the financial services provider’s stock valued at $171,000 after purchasing an additional 1,252 shares during the last quarter. Public Sector Pension Investment Board bought a new position in Camden National during the fourth quarter valued at approximately $488,000. UBS Group AG boosted its holdings in Camden National by 28.1% in the fourth quarter. UBS Group AG now owns 32,923 shares of the financial services provider’s stock worth $1,516,000 after purchasing an additional 7,223 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Camden National by 91.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 44,881 shares of the financial services provider’s stock worth $2,068,000 after purchasing an additional 21,488 shares during the last quarter. 66.24% of the stock is currently owned by institutional investors and hedge funds.

About Camden National

Camden National Corporation operates as the holding company for Camden National Bank that provides commercial and consumer banking products and services to consumer, institutional, municipal, non-profit, and commercial customers. It offers various deposit products, including demand, checking, saving, and money market accounts; and time deposits, as well as certificates of deposit.

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