Assenagon Asset Management S.A. Cuts Position in Camden National Co. (NASDAQ:CAC)

Assenagon Asset Management S.A. trimmed its holdings in shares of Camden National Co. (NASDAQ:CAC) by 26.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 24,406 shares of the financial services provider’s stock after selling 8,938 shares during the period. Assenagon Asset Management S.A. owned approximately 0.17% of Camden National worth $1,043,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. US Bancorp DE raised its stake in Camden National by 2.9% during the third quarter. US Bancorp DE now owns 11,166 shares of the financial services provider’s stock valued at $461,000 after buying an additional 319 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Camden National by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 117,995 shares of the financial services provider’s stock valued at $4,876,000 after acquiring an additional 674 shares in the last quarter. Apollon Wealth Management LLC boosted its stake in Camden National by 3.0% in the 3rd quarter. Apollon Wealth Management LLC now owns 30,435 shares of the financial services provider’s stock worth $1,258,000 after purchasing an additional 900 shares in the last quarter. Coston McIsaac & Partners boosted its stake in Camden National by 18.6% in the 3rd quarter. Coston McIsaac & Partners now owns 11,621 shares of the financial services provider’s stock worth $480,000 after purchasing an additional 1,819 shares in the last quarter. Finally, Empowered Funds LLC grew its position in Camden National by 5.2% during the 3rd quarter. Empowered Funds LLC now owns 37,892 shares of the financial services provider’s stock valued at $1,566,000 after purchasing an additional 1,876 shares during the last quarter. 77.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upped their target price on shares of Camden National from $43.00 to $48.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Raymond James raised Camden National from a “market perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research report on Friday, December 20th. Finally, StockNews.com assumed coverage on Camden National in a report on Sunday, January 19th. They issued a “hold” rating for the company.

Camden National Stock Performance

Shares of CAC stock opened at $43.80 on Friday. The firm has a market capitalization of $638.47 million, a PE ratio of 13.69 and a beta of 0.76. The company has a 50 day moving average price of $44.61 and a 200-day moving average price of $41.57. Camden National Co. has a 52 week low of $28.62 and a 52 week high of $50.07. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.08.

Camden National (NASDAQ:CAC) last announced its earnings results on Tuesday, October 29th. The financial services provider reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.11. Camden National had a net margin of 16.47% and a return on equity of 9.95%. The business had revenue of $75.13 million during the quarter, compared to analyst estimates of $43.90 million. During the same period in the previous year, the business earned $0.96 EPS. As a group, equities research analysts expect that Camden National Co. will post 3.49 earnings per share for the current year.

Camden National Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Wednesday, January 15th will be paid a dividend of $0.42 per share. The ex-dividend date is Wednesday, January 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.84%. Camden National’s dividend payout ratio is currently 52.50%.

Camden National Profile

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.