Kimelman & Baird LLC Invests $7.44 Million in Camden National Corporation $CAC

Kimelman & Baird LLC acquired a new position in shares of Camden National Corporation (NASDAQ:CAC) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 137,289 shares of the financial services provider’s stock, valued at approximately $7,444,000. Kimelman & Baird LLC owned 0.81% of Camden National as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CAC. Clearstead Trust LLC bought a new stake in shares of Camden National in the second quarter valued at about $29,000. PNC Financial Services Group Inc. raised its position in Camden National by 106.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 878 shares of the financial services provider’s stock valued at $42,000 after buying an additional 452 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in 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 valued at $54,000 after acquiring an additional 1,379 shares in the last quarter. Advisory Services Network LLC bought a new stake in Camden National in the 3rd quarter valued at approximately $58,000. Finally, Trust Co. of Vermont acquired a new position in Camden National during the 2nd quarter worth approximately $90,000. 77.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Camden National Stock Performance

CAC opened at $56.66 on Friday. Camden National Corporation has a 12-month low of $35.00 and a 12-month high of $60.59. The stock has a market cap of $957.55 million, a price-to-earnings ratio of 10.85 and a beta of 0.55. The business has a 50 day moving average of $55.85 and a 200-day moving average of $51.25. 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 posted its earnings results on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share for the quarter, topping 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 business had revenue of $67.41 million for the quarter, compared to analyst estimates of $66.41 million. On average, equities research analysts expect that Camden National Corporation will post 5.43 earnings per share for the current year.

Camden National Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were given 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 dividend payout ratio is presently 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.