Means Investment CO. Inc. Lowers Stock Position in Camden National Corporation $CAC

Means Investment CO. Inc. trimmed its stake in Camden National Corporation (NASDAQ:CAC) by 0.9% during the second quarter, Holdings Channel.com reports. The fund owned 44,434 shares of the financial services provider’s stock after selling 384 shares during the period. Means Investment CO. Inc.’s holdings in Camden National were worth $1,803,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CAC. CWM LLC increased its holdings in Camden National by 65.4% in the 1st quarter. CWM LLC now owns 837 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 331 shares during the last quarter. Eastern Bank purchased a new stake in shares of Camden National in the 1st quarter valued at $50,000. Trust Co. of Vermont boosted its holdings in Camden National by 330.2% during the 2nd quarter. Trust Co. of Vermont now owns 2,151 shares of the financial services provider’s stock valued at $87,000 after acquiring an additional 1,651 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in Camden National by 15.8% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,567 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 350 shares in the last quarter. Finally, KLP Kapitalforvaltning AS increased its stake in Camden National by 29.2% during the first quarter. KLP Kapitalforvaltning AS now owns 3,100 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 700 shares during the period. 77.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CAC. Zacks Research raised shares of Camden National to a “hold” rating in a research note on Tuesday, August 12th. Weiss Ratings restated a “hold (c+)” rating on shares of Camden National in a research note on Saturday, September 27th. Finally, Stephens raised Camden National from an “equal weight” rating to an “overweight” rating and cut their price objective for the stock from $49.00 to $44.00 in a research report on Wednesday, August 6th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Camden National has an average rating of “Hold” and an average target price of $48.00.

Camden National Stock Performance

Shares of CAC stock opened at $36.46 on Friday. The company has a market cap of $616.90 million, a P/E ratio of 11.54 and a beta of 0.64. The firm has a fifty day moving average price of $39.31 and a 200 day moving average price of $39.62. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09. Camden National Corporation has a 12 month low of $34.53 and a 12 month high of $50.07.

Camden National (NASDAQ:CAC) last posted its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.23). The business had revenue of $69.82 million during the quarter, compared to analyst estimates of $61.04 million. Camden National had a net margin of 14.77% and a return on equity of 10.19%. Sell-side analysts predict that Camden National Corporation will post 4.25 earnings per share for the current fiscal year.

Camden National Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Wednesday, October 15th will be paid a dividend of $0.42 per share. The ex-dividend date is Wednesday, October 15th. This represents a $1.68 annualized dividend and a yield of 4.6%. Camden National’s payout ratio is presently 53.16%.

About Camden National

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.