Renaissance Technologies LLC Reduces Stake in Camden National Co. (NASDAQ:CAC)

Posted by Defense World Staff on Mar 5th, 2023

Renaissance Technologies LLC lowered its position in Camden National Co. (NASDAQ:CAC – Get Rating) by 10.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 290,700 shares of the financial services provider’s stock after selling 33,300 shares during the period. Renaissance Technologies LLC owned approximately 2.00% of Camden National worth $12,384,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Legal & General Group Plc boosted its position in Camden National by 4.1% in the 2nd quarter. Legal & General Group Plc now owns 6,159 shares of the financial services provider’s stock worth $272,000 after purchasing an additional 241 shares in the last quarter. HighTower Advisors LLC boosted its position in Camden National by 1.8% in the 1st quarter. HighTower Advisors LLC now owns 17,250 shares of the financial services provider’s stock worth $812,000 after purchasing an additional 300 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in Camden National by 36.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 1,493 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 395 shares in the last quarter. Rhumbline Advisers boosted its position in Camden National by 2.9% in the 2nd quarter. Rhumbline Advisers now owns 20,832 shares of the financial services provider’s stock worth $918,000 after purchasing an additional 588 shares in the last quarter. Finally, Davis R M Inc. boosted its position in Camden National by 15.3% in the 2nd quarter. Davis R M Inc. now owns 5,650 shares of the financial services provider’s stock worth $249,000 after purchasing an additional 750 shares in the last quarter. Hedge funds and other institutional investors own 67.00% of the company’s stock.

Camden National Trading Up 0.4 %

Shares of CAC stock opened at $41.38 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.77 and a quick ratio of 0.77. The company has a market cap of $602.49 million, a price-to-earnings ratio of 9.92 and a beta of 0.75. The stock has a 50 day simple moving average of $41.68 and a 200-day simple moving average of $42.95. Camden National Co. has a 1-year low of $39.21 and a 1-year high of $51.78.

Camden National (NASDAQ:CAC – Get Rating) last announced its earnings results on Tuesday, January 31st. The financial services provider reported $1.05 earnings per share for the quarter, hitting the consensus estimate of $1.05. The business had revenue of $46.76 million during the quarter, compared to the consensus estimate of $49.12 million. Camden National had a return on equity of 13.61% and a net margin of 28.78%. On average, equities research analysts expect that Camden National Co. will post 4 EPS for the current fiscal year.

Camden National Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 31st. Stockholders of record on Friday, January 13th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 4.06%. This is an increase from Camden National’s previous quarterly dividend of $0.40. The ex-dividend date was Thursday, January 12th. Camden National’s dividend payout ratio is presently 40.29%.

Analysts Set New Price Targets

Several equities research analysts have commented on CAC shares. StockNews.com upgraded Camden National from a “sell” rating to a “hold” rating in a research report on Thursday. Raymond James started coverage on Camden National in a research report on Tuesday, December 20th. They issued a “market perform” rating on the stock.

Camden National Profile

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Camden National Corp. is a bank holding company, which engages in the provision of financial services to individuals and companies through its subsidiary, Camden National Bank. Its services includes lending, checking, savings, time deposits, cash management, brokerage, wealth management, and trust. The company was founded in 1984 and is headquartered in Camden, ME.