Sheets Smith Wealth Management Purchases New Holdings in Camden National Corporation $CAC

Sheets Smith Wealth Management acquired a new position in Camden National Corporation (NASDAQ:CAC) during the 1st quarter, HoldingsChannel reports. The fund acquired 14,320 shares of the financial services provider’s stock, valued at approximately $679,000.

Other large investors also recently bought and sold shares of the company. Franklin Resources Inc. raised its holdings in shares of Camden National by 7.8% during the third quarter. Franklin Resources Inc. now owns 1,559,400 shares of the financial services provider’s stock valued at $60,177,000 after acquiring an additional 113,221 shares during the last quarter. State Street Corp boosted its stake in shares of Camden National by 0.4% in the fourth quarter. State Street Corp now owns 475,268 shares of the financial services provider’s stock worth $20,617,000 after acquiring an additional 1,852 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Camden National by 4.7% in the third quarter. JPMorgan Chase & Co. now owns 311,170 shares of the financial services provider’s stock worth $12,008,000 after acquiring an additional 13,849 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Camden National by 70.4% during the fourth quarter. Wellington Management Group LLP now owns 220,382 shares of the financial services provider’s stock worth $9,560,000 after purchasing an additional 91,018 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Camden National by 98.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 120,062 shares of the financial services provider’s stock worth $5,208,000 after purchasing an additional 59,479 shares in the last quarter. 77.41% of the stock is currently owned by hedge funds and other institutional investors.

Camden National Price Performance

CAC stock opened at $51.49 on Monday. Camden National Corporation has a 1 year low of $35.00 and a 1 year high of $53.71. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $871.21 million, a PE ratio of 10.96 and a beta of 0.57. The business has a 50 day simple moving average of $49.89 and a 200-day simple moving average of $47.60.

Camden National (NASDAQ:CAC) last announced its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.03. The firm had revenue of $64.34 million for the quarter, compared to the consensus estimate of $65.57 million. Camden National had a return on equity of 11.78% and a net margin of 21.32%. Equities research analysts anticipate that Camden National Corporation will post 5.39 earnings per share for the current fiscal year.

Camden National Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Wednesday, April 15th were paid a $0.42 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.3%. Camden National’s dividend payout ratio (DPR) is 35.74%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. National Bank Financial set a $50.00 price objective on Camden National in a report on Wednesday, April 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Camden National in a report on Tuesday, June 9th. Raymond James Financial reiterated an “outperform” rating and issued a $56.00 target price on shares of Camden National in a research report on Wednesday, April 29th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Camden National from $47.00 to $50.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $52.25.

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.