Camden National (CAC) Downgraded to “Sell” at BidaskClub

BidaskClub downgraded shares of Camden National (NASDAQ:CAC) from a hold rating to a sell rating in a report published on Thursday morning.

Separately, Keefe, Bruyette & Woods lowered shares of Camden National from an outperform rating to a market perform rating in a research note on Wednesday, November 1st.

Shares of Camden National (CAC) traded down $0.15 during mid-day trading on Thursday, reaching $42.02. 19,600 shares of the company’s stock traded hands, compared to its average volume of 24,267. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.17. Camden National has a 12-month low of $37.10 and a 12-month high of $47.41. The firm has a market cap of $654.31, a price-to-earnings ratio of 15.45 and a beta of 0.79.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Monday, January 15th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, January 11th. This is a positive change from Camden National’s previous quarterly dividend of $0.23. This represents a $1.00 annualized dividend and a dividend yield of 2.38%. Camden National’s payout ratio is currently 33.82%.

In related news, EVP Joanne T. Campbell sold 2,271 shares of the company’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $44.05, for a total value of $100,037.55. Following the transaction, the executive vice president now owns 17,916 shares in the company, valued at approximately $789,199.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Edmund M. Hayden sold 2,340 shares of the company’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $45.56, for a total transaction of $106,610.40. Following the completion of the transaction, the executive vice president now owns 7,958 shares in the company, valued at approximately $362,566.48. The disclosure for this sale can be found here. 2.34% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BNP Paribas Arbitrage SA lifted its holdings in shares of Camden National by 479.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 2,340 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 1,936 shares during the period. Atlantic Trust LLC bought a new stake in shares of Camden National during the 2nd quarter worth approximately $136,000. Legal & General Group Plc increased its position in Camden National by 4.2% during the 2nd quarter. Legal & General Group Plc now owns 3,817 shares of the financial services provider’s stock worth $165,000 after purchasing an additional 153 shares in the last quarter. SG Americas Securities LLC acquired a new position in Camden National during the 3rd quarter worth approximately $208,000. Finally, Citigroup Inc. increased its position in Camden National by 696.7% during the 2nd quarter. Citigroup Inc. now owns 4,772 shares of the financial services provider’s stock worth $205,000 after purchasing an additional 4,173 shares in the last quarter. 62.13% of the stock is owned by hedge funds and other institutional investors.

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Camden National Company Profile

Camden National Corporation is a bank holding company. The Company is a diversified financial services provider. The primary business of the Company and its subsidiary, Camden National Bank (the Bank), is to attract deposits from, and to extend loans to, consumer, institutional, municipal, non-profit and commercial customers.

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