Ipswich Investment Management Co. Inc. Cuts Stock Position in Camden National Co. (NASDAQ:CAC)

Ipswich Investment Management Co. Inc. cut its holdings in shares of Camden National Co. (NASDAQ:CAC) by 2.0% in the 4th quarter, HoldingsChannel reports. The firm owned 47,219 shares of the financial services provider’s stock after selling 983 shares during the quarter. Ipswich Investment Management Co. Inc.’s holdings in Camden National were worth $2,018,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Bryn Mawr Capital Management LLC purchased a new stake in shares of Camden National during the 4th quarter worth approximately $6,811,000. JPMorgan Chase & Co. grew its holdings in Camden National by 53.6% during the third quarter. JPMorgan Chase & Co. now owns 283,911 shares of the financial services provider’s stock valued at $11,731,000 after purchasing an additional 99,097 shares during the period. Segall Bryant & Hamill LLC purchased a new stake in Camden National in the third quarter worth $1,729,000. Assenagon Asset Management S.A. raised its stake in shares of Camden National by 194.1% in the third quarter. Assenagon Asset Management S.A. now owns 33,344 shares of the financial services provider’s stock valued at $1,378,000 after buying an additional 22,007 shares during the period. Finally, Dean Investment Associates LLC raised its stake in shares of Camden National by 36.8% in the third quarter. Dean Investment Associates LLC now owns 65,557 shares of the financial services provider’s stock valued at $2,709,000 after buying an additional 17,632 shares during the period. 77.41% of the stock is currently owned by institutional investors.

Camden National Stock Performance

Shares of CAC opened at $43.09 on Friday. Camden National Co. has a 52-week low of $28.62 and a 52-week high of $50.07. The stock’s 50-day simple moving average is $43.91 and its 200 day simple moving average is $42.51. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market capitalization of $628.25 million, a price-to-earnings ratio of 11.90 and a beta of 0.77.

Camden National (NASDAQ:CAC) last announced its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. Camden National had a net margin of 18.02% and a return on equity of 10.38%. During the same period in the prior year, the business earned $0.85 EPS. Research analysts forecast that Camden National Co. will post 4.25 EPS for the current fiscal year.

Camden National Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Wednesday, January 15th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.90%. Camden National’s dividend payout ratio (DPR) is currently 46.41%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CAC shares. Raymond James reissued an “outperform” rating and issued a $53.00 price objective (up previously from $50.00) on shares of Camden National in a report on Wednesday, January 29th. StockNews.com started coverage on shares of Camden National in a research note on Thursday. They issued a “hold” rating for the company. Finally, Keefe, Bruyette & Woods upped their price target on shares of Camden National from $48.00 to $50.00 and gave the company a “market perform” rating in a research note on Wednesday, January 29th.

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.