JPMorgan Chase & Co. Purchases 13,849 Shares of Camden National Corporation $CAC

JPMorgan Chase & Co. raised its position in Camden National Corporation (NASDAQ:CAC) by 4.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 311,170 shares of the financial services provider’s stock after purchasing an additional 13,849 shares during the period. JPMorgan Chase & Co.’s holdings in Camden National were worth $12,008,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CAC. State of Alaska Department of Revenue purchased a new stake in shares of Camden National in the third quarter worth $26,000. CWM LLC increased its stake in Camden National by 287.8% in the 3rd quarter. CWM LLC now owns 3,141 shares of the financial services provider’s stock worth $121,000 after acquiring an additional 2,331 shares during the last quarter. Quantbot Technologies LP raised its holdings in shares of Camden National by 45.7% in the 2nd quarter. Quantbot Technologies LP now owns 3,167 shares of the financial services provider’s stock valued at $129,000 after acquiring an additional 993 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Camden National during the 3rd quarter valued at about $132,000. Finally, Lazard Asset Management LLC bought a new stake in shares of Camden National during the 2nd quarter valued at about $136,000. 77.41% of the stock is currently owned by hedge funds and other institutional investors.

Camden National Price Performance

CAC stock opened at $46.11 on Friday. The firm has a market cap of $780.18 million, a P/E ratio of 12.01 and a beta of 0.66. The firm’s fifty day moving average is $46.88 and its 200 day moving average is $42.46. Camden National Corporation has a 52 week low of $34.53 and a 52 week high of $51.57. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.81.

Camden National (NASDAQ:CAC) last posted its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.01. Camden National had a net margin of 17.46% and a return on equity of 11.39%. The business had revenue of $68.05 million during the quarter, compared to the consensus estimate of $66.40 million. Research analysts predict that Camden National Corporation will post 4.25 earnings per share for the current year.

Camden National Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Thursday, January 15th were issued a dividend of $0.42 per share. The ex-dividend date was Thursday, January 15th. This represents a $1.68 annualized dividend and a yield of 3.6%. Camden National’s dividend payout ratio is currently 43.75%.

Analyst Ratings Changes

Several research analysts recently weighed in on CAC shares. Keefe, Bruyette & Woods upped their price objective on shares of Camden National from $45.00 to $47.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 28th. Stephens reissued an “equal weight” rating and issued a $53.00 price target on shares of Camden National in a report on Thursday, February 5th. National Bank Financial set a $47.00 price objective on shares of Camden National in a report on Wednesday, January 28th. Finally, Weiss Ratings raised Camden National from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, February 19th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Camden National has an average rating of “Hold” and a consensus price target of $49.00.

Camden National Company 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.