Camden National (CAC) Downgraded to “Buy” at BidaskClub

BidaskClub lowered shares of Camden National (NASDAQ:CAC) from a strong-buy rating to a buy rating in a research report report published on Saturday morning, BidAskClub reports.

A number of other brokerages have also recently issued reports on CAC. ValuEngine cut Camden National from a hold rating to a sell rating in a report on Friday, March 22nd. Zacks Investment Research raised Camden National from a hold rating to a strong-buy rating and set a $47.00 target price for the company in a report on Friday, February 1st.

Shares of CAC opened at $44.29 on Friday. Camden National has a 12-month low of $33.49 and a 12-month high of $47.86. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $683.90 million, a price-to-earnings ratio of 13.06 and a beta of 0.80.

Camden National (NASDAQ:CAC) last issued its earnings results on Tuesday, April 30th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.12. Camden National had a return on equity of 12.73% and a net margin of 27.70%. The business had revenue of $41.28 million during the quarter, compared to analysts’ expectations of $40.30 million. As a group, research analysts forecast that Camden National will post 3.75 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Monday, April 15th were paid a $0.30 dividend. The ex-dividend date was Friday, April 12th. This represents a $1.20 annualized dividend and a dividend yield of 2.71%. Camden National’s payout ratio is 35.40%.

In related news, CFO Deborah A. Jordan purchased 867 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was bought at an average price of $32.73 per share, with a total value of $28,376.91. Following the completion of the purchase, the chief financial officer now owns 55,500 shares in the company, valued at approximately $1,816,515. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gregory A. Dufour sold 1,250 shares of the stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $43.50, for a total value of $54,375.00. Following the completion of the sale, the chief executive officer now directly owns 88,675 shares of the company’s stock, valued at approximately $3,857,362.50. The disclosure for this sale can be found here. In the last three months, insiders bought 2,715 shares of company stock valued at $88,862. Insiders own 2.04% of the company’s stock.

Several hedge funds have recently modified their holdings of CAC. Great West Life Assurance Co. Can boosted its position in shares of Camden National by 1,746.3% during the 4th quarter. Great West Life Assurance Co. Can now owns 1,754 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 1,659 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Camden National by 11.3% during the 4th quarter. Legal & General Group Plc now owns 2,840 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 288 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Camden National during the 1st quarter valued at about $111,000. BNP Paribas Arbitrage SA boosted its position in shares of Camden National by 400.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,221 shares of the financial services provider’s stock valued at $134,000 after purchasing an additional 2,578 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its position in shares of Camden National by 346.2% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,890 shares of the financial services provider’s stock valued at $176,000 after purchasing an additional 3,794 shares in the last quarter. 67.39% of the stock is owned by institutional investors.

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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