Franklin Resources Inc. Lowers Stock Position in Camden National Co. (NASDAQ:CAC)

Franklin Resources Inc. cut its holdings in shares of Camden National Co. (NASDAQ:CAC) by 4.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,221,041 shares of the financial services provider’s stock after selling 60,365 shares during the period. Franklin Resources Inc. owned 8.37% of Camden National worth $50,734,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Dimensional Fund Advisors LP grew its position in shares of Camden National by 3.3% during the second quarter. Dimensional Fund Advisors LP now owns 836,521 shares of the financial services provider’s stock worth $27,605,000 after acquiring an additional 26,450 shares during the last quarter. Geode Capital Management LLC grew its position in Camden National by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 344,448 shares of the financial services provider’s stock valued at $14,236,000 after buying an additional 4,067 shares during the last quarter. Renaissance Technologies LLC grew its position in Camden National by 1.3% in the 2nd quarter. Renaissance Technologies LLC now owns 282,200 shares of the financial services provider’s stock valued at $9,313,000 after buying an additional 3,600 shares during the last quarter. LSV Asset Management grew its position in Camden National by 8.4% in the 2nd quarter. LSV Asset Management now owns 238,595 shares of the financial services provider’s stock valued at $7,874,000 after buying an additional 18,517 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Camden National by 11.1% in the 2nd quarter. American Century Companies Inc. now owns 182,690 shares of the financial services provider’s stock valued at $6,029,000 after buying an additional 18,294 shares during the last quarter. 77.41% of the stock is currently owned by hedge funds and other institutional investors.

Camden National Price Performance

Camden National stock opened at $44.96 on Wednesday. Camden National Co. has a one year low of $28.62 and a one year high of $50.07. 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 business has a fifty day moving average of $44.94 and a two-hundred day moving average of $39.55. The company has a market cap of $655.38 million, a P/E ratio of 14.05 and a beta of 0.75.

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

Camden National Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend was Tuesday, October 15th. Camden National’s dividend payout ratio (DPR) is currently 52.50%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CAC shares. Keefe, Bruyette & Woods lifted their price objective on shares of Camden National from $43.00 to $48.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com started coverage on shares of Camden National in a research report on Wednesday. They issued a “hold” rating on the stock.

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.