Camden National Co. (NASDAQ:CAC) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. lowered its holdings in Camden National Co. (NASDAQ:CAC) by 53.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,220 shares of the financial services provider’s stock after selling 9,310 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Camden National were worth $340,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Kimelman & Baird LLC acquired a new position in Camden National during the 2nd quarter worth $4,943,000. Creative Planning lifted its position in Camden National by 65.3% in the 3rd quarter. Creative Planning now owns 34,590 shares of the financial services provider’s stock valued at $1,429,000 after purchasing an additional 13,663 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Camden National by 194.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 33,344 shares of the financial services provider’s stock valued at $1,378,000 after purchasing an additional 22,007 shares during the last quarter. Hantz Financial Services Inc. bought a new stake in Camden National in the 2nd quarter valued at about $757,000. Finally, US Bancorp DE increased its stake in Camden National by 2.9% during the 3rd quarter. US Bancorp DE now owns 11,166 shares of the financial services provider’s stock valued at $461,000 after buying an additional 319 shares during the period. 77.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CAC shares. Keefe, Bruyette & Woods lifted their price objective on shares of Camden National from $40.00 to $41.00 and gave the stock a “market perform” rating in a research note on Wednesday, September 11th. StockNews.com assumed coverage on shares of Camden National in a report on Saturday. They set a “hold” rating for the company. Finally, Stephens lifted their target price on shares of Camden National from $35.00 to $42.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd.

Camden National Price Performance

Shares of Camden National stock opened at $47.25 on Monday. The firm has a fifty day simple moving average of $41.67 and a 200-day simple moving average of $37.30. The company has a current ratio of 0.82, a quick ratio of 0.81 and a debt-to-equity ratio of 0.08. Camden National Co. has a 1-year low of $28.62 and a 1-year high of $50.07. The stock has a market capitalization of $688.76 million, a price-to-earnings ratio of 14.77 and a beta of 0.72.

Camden National (NASDAQ:CAC) last announced its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.11. Camden National had a net margin of 16.47% and a return on equity of 9.95%. The firm had revenue of $75.13 million for the quarter, compared to analyst estimates of $43.90 million. During the same quarter in the previous year, the firm posted $0.96 EPS. On average, sell-side analysts expect that Camden National Co. will post 3.45 earnings per share for the current year.

Camden National Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Tuesday, October 15th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 3.56%. The ex-dividend date was Tuesday, October 15th. Camden National’s payout ratio is 52.50%.

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.