KLP Kapitalforvaltning AS Acquires 700 Shares of Camden National Corporation (NASDAQ:CAC)

KLP Kapitalforvaltning AS lifted its stake in Camden National Corporation (NASDAQ:CAC) by 29.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,100 shares of the financial services provider’s stock after buying an additional 700 shares during the period. KLP Kapitalforvaltning AS’s holdings in Camden National were worth $125,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. CWM LLC boosted its position in Camden National by 65.4% in the first quarter. CWM LLC now owns 837 shares of the financial services provider’s stock valued at $34,000 after buying an additional 331 shares in the last quarter. Aquatic Capital Management LLC bought a new position in shares of Camden National in the fourth quarter valued at approximately $44,000. Federated Hermes Inc. bought a new position in shares of Camden National in the fourth quarter valued at approximately $46,000. Tower Research Capital LLC TRC boosted its holdings in shares of Camden National by 22.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,901 shares of the financial services provider’s stock worth $124,000 after acquiring an additional 523 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Camden National during the 4th quarter worth approximately $210,000. 77.41% of the stock is owned by institutional investors and hedge funds.

Camden National Stock Up 1.6%

Shares of CAC opened at $37.71 on Friday. The business’s fifty day moving average price is $40.52 and its two-hundred day moving average price is $41.13. The firm has a market capitalization of $636.92 million, a price-to-earnings ratio of 11.93 and a beta of 0.63. Camden National Corporation has a 52 week low of $34.53 and a 52 week high of $50.07. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.81 and a current ratio of 0.81.

Camden National (NASDAQ:CAC) last issued its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.23). The firm had revenue of $69.82 million for the quarter, compared to analyst estimates of $61.04 million. Camden National had a net margin of 14.77% and a return on equity of 10.58%. On average, analysts predict that Camden National Corporation will post 4.25 earnings per share for the current year.

Camden National Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend was Tuesday, July 15th. Camden National’s dividend payout ratio (DPR) is 53.16%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CAC. Keefe, Bruyette & Woods cut their price objective on Camden National from $48.00 to $47.00 and set a “market perform” rating for the company in a research report on Wednesday, May 7th. Wall Street Zen started coverage on Camden National in a research note on Monday, May 19th. They issued a “hold” rating for the company.

About Camden National

Camden National Corporation operates as the bank holding company for Camden National Bank that provides various commercial and consumer banking products and services for consumer, institutional, municipal, non-profit, and commercial customers in Maine, New Hampshire, and Massachusetts. The company accepts checking, savings, time, and brokered deposits, as well as deposits with the certificate of deposit account registry system.