HighTower Advisors LLC Grows Holdings in Camden National Corporation $CAC

HighTower Advisors LLC boosted its position in shares of Camden National Corporation (NASDAQ:CAC) by 4.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,811 shares of the financial services provider’s stock after acquiring an additional 311 shares during the period. HighTower Advisors LLC’s holdings in Camden National were worth $316,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Wells Fargo & Company MN raised its position in shares of Camden National by 27.4% during the 4th quarter. Wells Fargo & Company MN now owns 8,641 shares of the financial services provider’s stock valued at $369,000 after purchasing an additional 1,859 shares during the period. Raymond James Financial Inc. purchased a new stake in Camden National in the 4th quarter worth $210,000. First Trust Advisors LP raised its holdings in Camden National by 4.9% during the fourth quarter. First Trust Advisors LP now owns 9,248 shares of the financial services provider’s stock valued at $395,000 after acquiring an additional 431 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Camden National by 1.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 858,979 shares of the financial services provider’s stock valued at $36,713,000 after acquiring an additional 15,822 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its stake in shares of Camden National by 8.7% in the fourth quarter. MetLife Investment Management LLC now owns 8,805 shares of the financial services provider’s stock worth $376,000 after acquiring an additional 707 shares during the period. 77.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CAC has been the topic of several recent analyst reports. Zacks Research raised Camden National to a “hold” rating in a research note on Tuesday, August 12th. Wall Street Zen started coverage on shares of Camden National in a report on Monday, May 19th. They issued a “hold” rating on the stock. Keefe, Bruyette & Woods cut their target price on shares of Camden National from $48.00 to $47.00 and set a “market perform” rating for the company in a research note on Wednesday, May 7th. Finally, Stephens upgraded shares of Camden National from an “equal weight” rating to an “overweight” rating and reduced their price target for the company from $49.00 to $44.00 in a report on Wednesday, August 6th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.00.

Camden National Stock Up 0.2%

NASDAQ CAC opened at $40.89 on Tuesday. The stock has a 50 day moving average price of $40.38 and a 200-day moving average price of $40.19. Camden National Corporation has a one year low of $34.53 and a one year high of $50.07. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $691.86 million, a P/E ratio of 12.94 and a beta of 0.67.

Camden National (NASDAQ:CAC) last released its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.23). Camden National had a net margin of 14.77% and a return on equity of 10.19%. The business had revenue of $69.82 million for the quarter, compared to analysts’ expectations of $61.04 million. As a group, equities analysts predict that Camden National Corporation will post 4.25 EPS for the current fiscal 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 given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Tuesday, July 15th. Camden National’s dividend payout ratio is currently 53.16%.

Camden National Company Profile

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.