Empowered Funds LLC Makes New $4.07 Million Investment in Camden National Corporation $CAC

Empowered Funds LLC bought a new stake in shares of Camden National Corporation (NASDAQ:CAC) during the second quarter, Holdings Channel reports. The fund bought 74,993 shares of the financial services provider’s stock, valued at approximately $4,066,000.

Other large investors have also modified their holdings of the company. Clearstead Trust LLC bought a new stake in shares of Camden National in the 2nd quarter valued at about $29,000. PNC Financial Services Group Inc. boosted its position in shares of Camden National by 106.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 878 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 452 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Camden National by 13,790.0% in the third quarter. Russell Investments Group Ltd. now owns 1,389 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 1,379 shares in the last quarter. Advisory Services Network LLC acquired a new stake in Camden National in the 3rd quarter worth approximately $58,000. Finally, Trust Co. of Vermont purchased a new stake in shares of Camden National during the second quarter valued at $90,000. Institutional investors own 77.41% of the company’s stock.

Camden National Stock Performance

Shares of NASDAQ CAC opened at $56.48 on Tuesday. The company’s fifty day moving average price is $55.95 and its 200 day moving average price is $51.31. Camden National Corporation has a 1 year low of $35.00 and a 1 year high of $60.59. The company has a market capitalization of $954.51 million, a PE ratio of 10.82 and a beta of 0.55. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.82 and a current ratio of 0.82.

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, beating analysts’ consensus estimates of $1.29 by $0.06. Camden National had a net margin of 23.64% and a return on equity of 12.59%. The company had revenue of $67.41 million during the quarter, compared to analysts’ expectations of $66.41 million. On average, research analysts predict that Camden National Corporation will post 5.43 earnings per share for the current year.

Camden National Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages recently commented on CAC. Weiss Ratings reiterated a “buy (b)” rating on shares of Camden National in a research report on Tuesday, June 9th. Keefe, Bruyette & Woods boosted their target price on shares of 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 price target on shares of Camden National in a report on Thursday, July 30th. Finally, Raymond James Financial lifted their price objective on Camden National from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Camden National currently has an average rating of “Hold” and a consensus target price of $55.25.

Camden National Company 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.