Kimelman & Baird LLC Takes Position in Camden National Corporation $CAC

Kimelman & Baird LLC purchased a new position in shares of Camden National Corporation (NASDAQ:CAC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 137,289 shares of the financial services provider’s stock, valued at approximately $7,444,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Clearstead Trust LLC acquired a new stake in shares of Camden National in the second quarter valued at approximately $29,000. PNC Financial Services Group Inc. grew its position in Camden National by 106.1% during the first quarter. PNC Financial Services Group Inc. now owns 878 shares of the financial services provider’s stock worth $42,000 after buying an additional 452 shares in the last quarter. Russell Investments Group Ltd. grew its position in Camden National by 13,790.0% during the third quarter. Russell Investments Group Ltd. now owns 1,389 shares of the financial services provider’s stock worth $54,000 after buying an additional 1,379 shares in the last quarter. Advisory Services Network LLC bought a new position in Camden National during the 3rd quarter worth $58,000. Finally, Trust Co. of Vermont bought a new position in Camden National during the 2nd quarter worth $90,000. Institutional investors and hedge funds own 77.41% of the company’s stock.

Camden National Stock Performance

NASDAQ CAC opened at $56.66 on Friday. The firm’s 50 day simple moving average is $55.85 and its 200 day simple moving average is $51.25. The firm has a market capitalization of $957.55 million, a price-to-earnings ratio of 10.85 and a beta of 0.55. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.09. Camden National Corporation has a 1 year low of $35.00 and a 1 year high of $60.59.

Camden National (NASDAQ:CAC) last announced its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $1.35 EPS for the quarter, beating the consensus estimate of $1.29 by $0.06. Camden National had a net margin of 23.64% and a return on equity of 12.59%. The business had revenue of $67.41 million during the quarter, compared to the consensus estimate of $66.41 million. As a group, research analysts expect that Camden National Corporation will post 5.43 earnings per share for the current fiscal year.

Camden National Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were paid a $0.42 dividend. The ex-dividend date was Wednesday, July 15th. This represents a $1.68 annualized dividend and a dividend yield of 3.0%. Camden National’s dividend payout ratio (DPR) is presently 32.18%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Keefe, Bruyette & Woods upped their target price on Camden National from $50.00 to $55.00 and gave the company a “market perform” rating in a research report on Thursday, July 30th. National Bank Financial set a $55.00 target price on Camden National in a report on Thursday, July 30th. Raymond James Financial raised their price target on Camden National from $56.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Camden National in a research note on Tuesday, June 9th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Camden National has an average rating of “Hold” and an average price target of $55.25.

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.