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

Renaissance Technologies LLC lowered its holdings in shares of Camden National Corporation (NASDAQ:CAC) by 7.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 256,394 shares of the financial services provider’s stock after selling 21,806 shares during the quarter. Renaissance Technologies LLC’s holdings in Camden National were worth $12,166,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CAC. Franklin Resources Inc. raised its position in 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 purchasing an additional 113,221 shares during the period. Wellington Management Group LLP grew its stake in shares of Camden National by 70.4% during the fourth 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 last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Camden National by 2,802.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 64,348 shares of the financial services provider’s stock valued at $2,791,000 after buying an additional 62,131 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Camden National by 98.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 120,062 shares of the financial services provider’s stock worth $5,208,000 after buying an additional 59,479 shares during the period. Finally, First Trust Advisors LP increased its holdings in shares of Camden National by 451.4% in the third quarter. First Trust Advisors LP now owns 61,951 shares of the financial services provider’s stock worth $2,391,000 after buying an additional 50,716 shares during the period. Institutional investors own 77.41% of the company’s stock.

Camden National Stock Up 0.1%

Shares of NASDAQ:CAC opened at $57.89 on Friday. The stock’s 50-day moving average is $53.01 and its 200 day moving average is $49.73. The company has a market cap of $979.21 million, a PE ratio of 11.09 and a beta of 0.55. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.82 and a quick ratio of 0.82. Camden National Corporation has a 1 year low of $35.00 and a 1 year high of $59.50.

Camden National (NASDAQ:CAC) last released its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.06. The business had revenue of $67.41 million during the quarter, compared to analysts’ expectations of $66.41 million. Camden National had a return on equity of 12.73% and a net margin of 23.64%. Sell-side analysts anticipate that Camden National Corporation will post 5.43 EPS for the current year.

Camden National Dividend Announcement

The firm also recently announced 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 was Wednesday, July 15th. Camden National’s dividend payout ratio is currently 32.18%.

Wall Street Analyst Weigh In

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

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.