Camden National (NASDAQ:CAC) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Camden National (NASDAQ:CAC) from a buy rating to a hold rating in a research report sent to investors on Thursday, Zacks.com reports.

According to Zacks, “Camden National Corporation is a multi-bank, financial institution holding company. Products services are available directly and indirectly through its subsidiaries, Camden National Bank, UnitedKingfield Bank, Acadia Trust, N.A, and Trust Company of Maine, Inc. “

A number of other research analysts also recently issued reports on the stock. ValuEngine downgraded shares of Camden National from a hold rating to a sell rating in a research report on Tuesday, April 7th. BidaskClub cut Camden National from a hold rating to a sell rating in a report on Wednesday, June 17th. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Camden National has an average rating of Hold and an average target price of $42.00.

Camden National stock opened at $31.69 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 0.19. The firm has a market cap of $473.92 million, a P/E ratio of 8.90 and a beta of 0.99. Camden National has a twelve month low of $25.74 and a twelve month high of $48.48. The business has a fifty day moving average of $33.43 and a two-hundred day moving average of $36.07.

Camden National (NASDAQ:CAC) last posted its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.73 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.73. The business had revenue of $46.60 million during the quarter, compared to the consensus estimate of $43.96 million. Camden National had a net margin of 25.84% and a return on equity of 11.33%. Equities analysts expect that Camden National will post 3.27 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Wednesday, July 15th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 4.17%. The ex-dividend date was Tuesday, July 14th. Camden National’s dividend payout ratio is currently 35.77%.

In other news, Director Ann W. Bresnahan bought 10,000 shares of the stock in a transaction dated Thursday, May 14th. The shares were acquired at an average cost of $27.78 per share, with a total value of $277,800.00. Following the purchase, the director now directly owns 39,190 shares in the company, valued at approximately $1,088,698.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.23% of the company’s stock.

Several institutional investors have recently bought and sold shares of CAC. Watson Rebecca acquired a new stake in shares of Camden National in the second quarter valued at about $45,000. Citigroup Inc. boosted its holdings in Camden National by 33.4% in the 1st quarter. Citigroup Inc. now owns 4,658 shares of the financial services provider’s stock worth $146,000 after buying an additional 1,166 shares during the last quarter. BNP Paribas Arbitrage SA boosted its holdings in Camden National by 20.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 4,639 shares of the financial services provider’s stock worth $146,000 after buying an additional 799 shares during the last quarter. SG Americas Securities LLC increased its stake in Camden National by 63.1% during the 1st quarter. SG Americas Securities LLC now owns 5,188 shares of the financial services provider’s stock worth $163,000 after buying an additional 2,007 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Camden National by 50.9% during the fourth quarter. Victory Capital Management Inc. now owns 3,711 shares of the financial services provider’s stock valued at $171,000 after acquiring an additional 1,252 shares during the last quarter. Institutional investors and hedge funds own 66.24% of the company’s stock.

Camden National Company Profile

Camden National Corporation operates as the holding company for Camden National Bank that provides commercial and consumer banking products and services to consumer, institutional, municipal, non-profit, and commercial customers. It offers various deposit products, including demand, checking, saving, and money market accounts; and time deposits, as well as certificates of deposit.

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