Creative Planning Acquires 8,274 Shares of Camden National Co. (NASDAQ:CAC)

Creative Planning grew its holdings in shares of Camden National Co. (NASDAQ:CAC) by 65.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,927 shares of the financial services provider’s stock after purchasing an additional 8,274 shares during the quarter. Creative Planning owned approximately 0.14% of Camden National worth $691,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Rhumbline Advisers lifted its stake in Camden National by 1.4% in the second quarter. Rhumbline Advisers now owns 23,077 shares of the financial services provider’s stock valued at $762,000 after purchasing an additional 319 shares during the last quarter. Empowered Funds LLC increased its holdings in Camden National by 7.9% in the 1st quarter. Empowered Funds LLC now owns 33,496 shares of the financial services provider’s stock worth $1,123,000 after acquiring an additional 2,450 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Camden National by 89.3% in the 1st quarter. BNP Paribas Financial Markets now owns 7,060 shares of the financial services provider’s stock valued at $237,000 after acquiring an additional 3,330 shares during the period. Renaissance Technologies LLC lifted its holdings in Camden National by 1.3% during the second quarter. Renaissance Technologies LLC now owns 282,200 shares of the financial services provider’s stock valued at $9,313,000 after purchasing an additional 3,600 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Camden National by 4.5% during the second quarter. Bank of New York Mellon Corp now owns 90,944 shares of the financial services provider’s stock worth $3,001,000 after purchasing an additional 3,937 shares during the period. 77.41% of the stock is currently owned by institutional investors.

Camden National Trading Up 3.1 %

Shares of CAC stock opened at $41.42 on Friday. The company has a market capitalization of $605.02 million, a PE ratio of 13.76 and a beta of 0.72. Camden National Co. has a 52-week low of $26.52 and a 52-week high of $43.44. The business’s fifty day moving average is $38.75 and its 200 day moving average is $34.99. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.82.

Camden National (NASDAQ:CAC) last released its quarterly earnings results on Tuesday, July 30th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.10. The firm had revenue of $72.81 million for the quarter, compared to analysts’ expectations of $41.07 million. Camden National had a return on equity of 10.36% and a net margin of 16.01%. During the same quarter last year, the firm posted $0.85 EPS. On average, equities research analysts anticipate that Camden National Co. will post 3.34 EPS for the current fiscal year.

Camden National Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Tuesday, October 15th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date is Tuesday, October 15th. Camden National’s payout ratio is 55.81%.

Analyst Upgrades and Downgrades

CAC has been the topic of several recent research reports. StockNews.com began coverage on Camden National in a research report on Monday, October 7th. They set a “hold” rating on the stock. Stephens raised their target price on Camden National from $35.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Finally, Keefe, Bruyette & Woods upped their price target on Camden National from $40.00 to $41.00 and gave the company a “market perform” rating in a research report on Wednesday, September 11th.

About Camden National

Camden National Corporation operates as the bank holding company for Camden National Bank that provides various commercial and consumer banking products and services for consumer, institutional, municipal, non-profit, and commercial customers in Maine, New Hampshire, and Massachusetts. The company accepts checking, savings, time, and brokered deposits, as well as deposits with the certificate of deposit account registry system.