Globeflex Capital L P Invests $1.03 Million in Camden National Corporation $CAC

Globeflex Capital L P purchased a new stake in shares of Camden National Corporation (NASDAQ:CAC) in the 2nd quarter, Holdings Channel reports. The fund purchased 19,051 shares of the financial services provider’s stock, valued at approximately $1,033,000.

Other large investors have also recently modified their holdings of the company. Clearstead Trust LLC bought a new position in Camden National in the second quarter worth approximately $29,000. PNC Financial Services Group Inc. raised its position in Camden National by 106.1% during the 1st 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 in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Camden National by 13,790.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,389 shares of the financial services provider’s stock worth $54,000 after buying an additional 1,379 shares during the period. Advisory Services Network LLC purchased a new stake in shares of Camden National in the 3rd quarter worth $58,000. Finally, Trust Co. of Vermont bought a new position in shares of Camden National during the 2nd quarter worth $90,000. Hedge funds and other institutional investors own 77.41% of the company’s stock.

Camden National Trading Up 0.4%

CAC opened at $56.88 on Tuesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.09. The firm has a market cap of $961.27 million, a price-to-earnings ratio of 10.90 and a beta of 0.55. Camden National Corporation has a 12 month low of $35.00 and a 12 month high of $60.59. The stock has a fifty day moving average price of $55.44 and a 200-day moving average price of $51.08.

Camden National (NASDAQ:CAC) last issued its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.06. Camden National had a return on equity of 12.59% and a net margin of 23.64%.The company had revenue of $67.41 million for the quarter, compared to the consensus estimate of $66.41 million. As a group, equities research analysts anticipate that Camden National Corporation will post 5.43 earnings per share for the current fiscal year.

Camden National Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Weiss Ratings restated a “buy (b)” rating on shares of Camden National in a research note on Tuesday, June 9th. Keefe, Bruyette & Woods increased their target price 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 raised their target price on shares of Camden National from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Finally, National Bank Financial set a $55.00 price target on shares of Camden National in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $55.25.

Camden National Profile

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.