Camden National (NASDAQ:CAC) Coverage Initiated at StockNews.com

Posted by on May 22nd, 2023

StockNews.com began coverage on shares of Camden National (NASDAQ:CAC – Get Rating) in a research note published on Thursday morning. The brokerage issued a sell rating on the financial services provider’s stock.

Camden National Stock Performance

NASDAQ CAC opened at $31.01 on Thursday. The firm has a market cap of $452.44 million, a price-to-earnings ratio of 7.93 and a beta of 0.74. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average price of $33.68 and a 200-day moving average price of $39.03. Camden National has a twelve month low of $28.23 and a twelve month high of $49.10.

Camden National Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 28th. Stockholders of record on Friday, April 14th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 5.42%. The ex-dividend date was Thursday, April 13th. Camden National’s dividend payout ratio (DPR) is 42.97%.

Insider Transactions at Camden National

In other news, Director David C. Flanagan bought 3,397 shares of the firm’s stock in a transaction that occurred on Thursday, May 11th. The shares were bought at an average cost of $29.34 per share, for a total transaction of $99,667.98. Following the completion of the transaction, the director now owns 25,555 shares of the company’s stock, valued at $749,783.70. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.14% of the company’s stock.

Institutional Investors Weigh In On Camden National

A number of hedge funds have recently made changes to their positions in CAC. Legal & General Group Plc raised its position in Camden National by 4.1% during the second quarter. Legal & General Group Plc now owns 6,159 shares of the financial services provider’s stock valued at $272,000 after purchasing an additional 241 shares during the period. First Manhattan Co. raised its position in Camden National by 4.4% during the third quarter. First Manhattan Co. now owns 7,050 shares of the financial services provider’s stock valued at $300,000 after purchasing an additional 300 shares during the period. Alliancebernstein L.P. raised its position in Camden National by 2.5% during the fourth quarter. Alliancebernstein L.P. now owns 12,066 shares of the financial services provider’s stock valued at $503,000 after purchasing an additional 300 shares during the period. HighTower Advisors LLC raised its position in Camden National by 1.8% during the first quarter. HighTower Advisors LLC now owns 17,250 shares of the financial services provider’s stock valued at $812,000 after purchasing an additional 300 shares during the period. Finally, US Bancorp DE raised its position in Camden National by 3.3% during the first quarter. US Bancorp DE now owns 10,790 shares of the financial services provider’s stock valued at $390,000 after purchasing an additional 347 shares during the period. 67.00% of the stock is currently owned by hedge funds and other institutional investors.

About Camden National

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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. The company was founded in 1984 and is headquartered in Camden, ME.

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