KLP Kapitalforvaltning AS Buys 2,400 Shares of Camden National Corporation $CAC

KLP Kapitalforvaltning AS grew its stake in shares of Camden National Corporation (NASDAQ:CAC) by 77.4% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 5,500 shares of the financial services provider’s stock after purchasing an additional 2,400 shares during the period. KLP Kapitalforvaltning AS’s holdings in Camden National were worth $223,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CWM LLC increased its holdings in Camden National by 65.4% during the 1st quarter. CWM LLC now owns 837 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 331 shares in the last quarter. Eastern Bank bought a new stake in Camden National during the 1st quarter worth approximately $50,000. Trust Co. of Vermont increased its holdings in Camden National by 330.2% during the 2nd quarter. Trust Co. of Vermont now owns 2,151 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 1,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Camden National by 15.8% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,567 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 350 shares in the last quarter. Finally, Measured Wealth Private Client Group LLC purchased a new position in shares of Camden National in the 1st quarter worth approximately $214,000. 77.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CAC has been the subject of several recent analyst reports. Zacks Research raised Camden National to a “hold” rating in a report on Tuesday, August 12th. Stephens raised Camden National from an “equal weight” rating to an “overweight” rating and reduced their target price for the company from $49.00 to $44.00 in a report on Wednesday, August 6th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Camden National in a report on Tuesday, October 14th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Camden National has a consensus rating of “Hold” and a consensus target price of $48.00.

Camden National Stock Up 3.1%

CAC opened at $36.79 on Tuesday. The stock has a market cap of $622.49 million, a PE ratio of 11.64 and a beta of 0.64. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.09. Camden National Corporation has a 52 week low of $34.53 and a 52 week high of $50.07. The business’s fifty day simple moving average is $39.26 and its 200 day simple moving average is $39.50.

Camden National (NASDAQ:CAC) last released its earnings results on Tuesday, July 29th. The financial services provider reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.23). The firm had revenue of $69.82 million during the quarter, compared to the consensus estimate of $61.04 million. Camden National had a net margin of 14.77% and a return on equity of 10.19%. As a group, research analysts expect that Camden National Corporation will post 4.25 earnings per share for the current fiscal year.

Camden National Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Wednesday, October 15th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Wednesday, October 15th. Camden National’s dividend payout ratio is currently 53.16%.

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.