ValuEngine Lowers Camden National (NASDAQ:CAC) to Sell

ValuEngine downgraded shares of Camden National (NASDAQ:CAC) from a hold rating to a sell rating in a research note issued to investors on Friday, March 22nd, ValuEngine reports.

A number of other analysts have also recently commented on CAC. BidaskClub cut Camden National from a buy rating to a hold rating in a research report on Wednesday, November 28th. Zacks Investment Research upgraded Camden National from a hold rating to a strong-buy rating and set a $47.00 price target for the company in a research report on Friday, February 1st.

CAC stock traded down $0.37 during trading on Friday, reaching $42.47. The stock had a trading volume of 27,863 shares, compared to its average volume of 38,733. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $667.35 million, a price-to-earnings ratio of 12.53 and a beta of 0.79. Camden National has a 52 week low of $33.49 and a 52 week high of $47.86.

Camden National (NASDAQ:CAC) last issued its quarterly earnings results on Tuesday, January 29th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.05. The business had revenue of $41.07 million during the quarter, compared to analysts’ expectations of $40.30 million. Camden National had a return on equity of 12.73% and a net margin of 28.00%. Equities analysts predict that Camden National will post 3.55 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Monday, April 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Friday, April 12th. Camden National’s payout ratio is 35.40%.

In other Camden National news, CFO Deborah A. Jordan bought 867 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was purchased at an average price of $32.73 per share, for a total transaction of $28,376.91. Following the completion of the transaction, the chief financial officer now owns 55,500 shares of the company’s stock, valued at approximately $1,816,515. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gregory A. Dufour sold 1,250 shares of the stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $43.50, for a total value of $54,375.00. Following the sale, the chief executive officer now owns 88,675 shares of the company’s stock, valued at approximately $3,857,362.50. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 2,715 shares of company stock valued at $88,862. Company insiders own 2.04% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. Great West Life Assurance Co. Can grew its holdings in Camden National by 1,746.3% during the 4th quarter. Great West Life Assurance Co. Can now owns 1,754 shares of the financial services provider’s stock valued at $61,000 after buying an additional 1,659 shares in the last quarter. Legal & General Group Plc grew its holdings in Camden National by 11.3% during the 4th quarter. Legal & General Group Plc now owns 2,840 shares of the financial services provider’s stock valued at $102,000 after buying an additional 288 shares in the last quarter. Ipswich Investment Management Co. Inc. purchased a new position in Camden National during the 4th quarter valued at approximately $126,000. Metropolitan Life Insurance Co. NY grew its holdings in Camden National by 346.2% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,890 shares of the financial services provider’s stock valued at $176,000 after buying an additional 3,794 shares in the last quarter. Finally, Citigroup Inc. grew its holdings in Camden National by 17.5% during the 4th quarter. Citigroup Inc. now owns 4,999 shares of the financial services provider’s stock valued at $180,000 after buying an additional 743 shares in the last quarter. Hedge funds and other institutional investors own 66.74% of the company’s stock.

Camden National Company Profile

Camden National Corp. is a bank holding company, which through its bank subsidiary, engages in the provision of financial services to individuals and companies. Its services includes lending, checking, savings, and time deposits; cash management, brokerage, wealth management, and trust. The company was founded in 1984 and is headquartered in Camden, ME.

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