Legato Capital Management LLC Cuts Stock Position in Camden National Corporation $CAC

Legato Capital Management LLC trimmed its holdings in Camden National Corporation (NASDAQ:CAC) by 50.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,904 shares of the financial services provider’s stock after selling 12,038 shares during the period. Legato Capital Management LLC owned about 0.07% of Camden National worth $459,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Franklin Resources Inc. grew its position in shares of Camden National by 10.3% during the second quarter. Franklin Resources Inc. now owns 1,446,179 shares of the financial services provider’s stock worth $58,686,000 after purchasing an additional 134,653 shares in the last quarter. Geode Capital Management LLC boosted its stake in Camden National by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 408,288 shares of the financial services provider’s stock worth $16,571,000 after purchasing an additional 2,187 shares during the period. JPMorgan Chase & Co. grew its holdings in Camden National by 4.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 311,170 shares of the financial services provider’s stock valued at $12,008,000 after buying an additional 13,849 shares in the last quarter. Clean Yield Group raised its position in shares of Camden National by 1.2% during the third quarter. Clean Yield Group now owns 102,607 shares of the financial services provider’s stock valued at $3,960,000 after buying an additional 1,198 shares during the last quarter. Finally, Bridgeway Capital Management LLC lifted its holdings in shares of Camden National by 5.0% in the second quarter. Bridgeway Capital Management LLC now owns 86,290 shares of the financial services provider’s stock worth $3,502,000 after buying an additional 4,147 shares in the last quarter. Institutional investors own 77.41% of the company’s stock.

Analyst Ratings Changes

CAC has been the subject of several research analyst reports. National Bank Financial set a $47.00 target price on shares of Camden National in a research note on Wednesday, January 28th. Stephens reissued an “equal weight” rating and set a $53.00 price objective on shares of Camden National in a report on Thursday, February 5th. Keefe, Bruyette & Woods lifted their target price on Camden National from $45.00 to $47.00 and gave the stock a “market perform” rating in a report on Wednesday, January 28th. Finally, Weiss Ratings raised Camden National from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, February 19th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Camden National currently has a consensus rating of “Hold” and an average price target of $49.00.

Camden National Stock Up 1.0%

Shares of NASDAQ CAC opened at $47.25 on Thursday. 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 $51.57. The firm’s 50-day moving average price is $46.86 and its 200-day moving average price is $42.44. The stock has a market capitalization of $799.56 million, a price-to-earnings ratio of 12.30 and a beta of 0.66.

Camden National (NASDAQ:CAC) last issued its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.01. Camden National had a return on equity of 11.39% and a net margin of 17.46%.The company had revenue of $68.05 million for the quarter, compared to analysts’ expectations of $66.40 million. On average, equities research analysts anticipate that Camden National Corporation will post 4.25 EPS for the current fiscal year.

Camden National Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Thursday, January 15th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, January 15th. This represents a $1.68 annualized dividend and a dividend yield of 3.6%. Camden National’s payout ratio is currently 43.75%.

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.