Camden National Corporation (CAC) Upgraded to “Sell” at BidaskClub
Camden National Corporation (NASDAQ:CAC) was upgraded by investment analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued on Friday.
Separately, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $48.00 price objective on shares of Camden National Corporation in a report on Friday, June 2nd.
Shares of Camden National Corporation (CAC) opened at 39.29 on Friday. The company’s 50 day moving average is $39.67 and its 200 day moving average is $41.70. The company has a market capitalization of $609.47 million, a P/E ratio of 14.61 and a beta of 0.79. Camden National Corporation has a 12-month low of $29.49 and a 12-month high of $45.43.
Camden National Corporation (NASDAQ:CAC) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.67 by ($0.01). Camden National Corporation had a net margin of 24.65% and a return on equity of 10.59%. The business had revenue of $38.51 million during the quarter. Analysts expect that Camden National Corporation will post $2.68 earnings per share for the current fiscal year.
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In other news, Director Carl John Soderberg bought 3,000 shares of the stock in a transaction that occurred on Tuesday, September 5th. The shares were acquired at an average cost of $38.46 per share, for a total transaction of $115,380.00. Following the completion of the acquisition, the director now owns 59,323 shares in the company, valued at $2,281,562.58. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John W. Holmes bought 1,000 shares of the stock in a transaction that occurred on Monday, September 11th. The shares were purchased at an average price of $38.95 per share, for a total transaction of $38,950.00. Following the completion of the acquisition, the director now owns 19,756 shares of the company’s stock, valued at approximately $769,496.20. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 5,000 shares of company stock worth $192,900. 2.34% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Atlantic Trust LLC acquired a new position in Camden National Corporation during the second quarter worth $136,000. Public Employees Retirement System of Ohio acquired a new position in Camden National Corporation during the second quarter worth $464,000. Sterling Capital Management LLC increased its holdings in Camden National Corporation by 9.0% during the second quarter. Sterling Capital Management LLC now owns 24,503 shares of the financial services provider’s stock worth $1,051,000 after buying an additional 2,015 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Camden National Corporation by 7.0% during the second quarter. The Manufacturers Life Insurance Company now owns 201,522 shares of the financial services provider’s stock worth $8,647,000 after buying an additional 13,265 shares during the last quarter. Finally, State Street Corp increased its holdings in Camden National Corporation by 5.3% during the second quarter. State Street Corp now owns 290,238 shares of the financial services provider’s stock worth $12,456,000 after buying an additional 14,565 shares during the last quarter. Institutional investors and hedge funds own 64.72% of the company’s stock.
About Camden National Corporation
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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