234,102 Shares in Camden National Corporation $CAC Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company bought a new stake in Camden National Corporation (NASDAQ:CAC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 234,102 shares of the financial services provider’s stock, valued at approximately $12,693,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Clearstead Trust LLC acquired a new position in Camden National during the 2nd quarter worth $29,000. PNC Financial Services Group Inc. increased its holdings in shares of Camden National by 106.1% during the first quarter. PNC Financial Services Group Inc. now owns 878 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 452 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Camden National by 13,790.0% during the third quarter. Russell Investments Group Ltd. now owns 1,389 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 1,379 shares during the period. Advisory Services Network LLC bought a new stake in shares of Camden National during the third quarter valued at about $58,000. Finally, Trust Co. of Vermont bought a new stake in shares of Camden National during the second quarter valued at about $90,000. Institutional investors own 77.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CAC. Keefe, Bruyette & Woods upped their price objective on shares of Camden National from $50.00 to $55.00 and gave the stock a “market perform” rating in a report on Thursday, July 30th. Raymond James Financial boosted their price target on shares of Camden National from $56.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Camden National in a research note on Tuesday, June 9th. Finally, National Bank Financial set a $55.00 price target on shares of Camden National in a research note on Thursday, July 30th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $55.25.

Camden National Trading Down 0.4%

Shares of CAC stock opened at $56.66 on Friday. The stock has a 50-day simple moving average of $55.85 and a 200 day simple moving average of $51.25. The stock has a market capitalization of $957.55 million, a P/E ratio of 10.85 and a beta of 0.55. Camden National Corporation has a fifty-two week low of $35.00 and a fifty-two week high of $60.59. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.09.

Camden National (NASDAQ:CAC) last issued its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $1.35 EPS for the quarter, topping the consensus estimate of $1.29 by $0.06. Camden National had a net margin of 23.64% and a return on equity of 12.59%. The firm had revenue of $67.41 million for the quarter, compared to analysts’ expectations of $66.41 million. On average, sell-side analysts expect that Camden National Corporation will post 5.43 earnings per share for the current fiscal year.

Camden National Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were paid a $0.42 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $1.68 annualized dividend and a dividend yield of 3.0%. Camden National’s payout ratio is currently 32.18%.

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.