Fintel reports that BlackRock Inc. has filed a 13G/A form with the SEC disclosing ownership of 1.29MM shares of Camden National Corporation (CAC). This represents 8.9% of the company.
In their previous filing dated February 7, 2022 they reported 1.19MM shares and 8.00% of the company, an increase in shares of 8.73% and an increase in total ownership of 0.90% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 10.41% Upside
As of January 24, 2023, the average one-year price target for Camden National is $46.24. The forecasts range from a low of $45.45 to a high of $48.30. The average price target represents an increase of 10.41% from its latest reported closing price of $41.88.
The projected annual revenue for Camden National is $200MM, an increase of 7.73%. The projected annual EPS is $4.38, an increase of 3.30%.
Fund Sentiment
There are 320 funds or institutions reporting positions in Camden National Corporation. This is a decrease of 6 owner(s) or 1.84%.
Average portfolio weight of all funds dedicated to Camden National Corporation is 0.1083%, an increase of 5.0883%. Total shares owned by institutions decreased in the last three months by 0.56% to 12,070,038 shares.
What are large shareholders doing?
Franklin Resources Inc holds 1,015,161 shares representing 6.97% ownership of the company. In it's prior filing, the firm reported owning 878,845 shares, representing an increase of 13.43%. The firm decreased its portfolio allocation in CAC by 72.86% over the last quarter.
Lsv Asset Management holds 299,679 shares representing 2.06% ownership of the company. In it's prior filing, the firm reported owning 318,777 shares, representing a decrease of 6.37%. The firm decreased its portfolio allocation in CAC by 1.22% over the last quarter.
Renaissance Technologies Llc holds 290,700 shares representing 2.00% ownership of the company. In it's prior filing, the firm reported owning 324,000 shares, representing a decrease of 11.46%. The firm increased its portfolio allocation in CAC by 3.69% over the last quarter.
Geode Capital Management, Llc holds 262,376 shares representing 1.80% ownership of the company. In it's prior filing, the firm reported owning 258,083 shares, representing an increase of 1.64%. The firm increased its portfolio allocation in CAC by 1.81% over the last quarter.
Basswood Capital Management, L.l.c. holds 247,699 shares representing 1.70% ownership of the company. No change in the last quarter.
Camden National Declares $0.42 Dividend
Camden National said on December 20, 2022 that its board of directors declared a regular quarterly dividend of $0.42 per share ($1.68 annualized). Shareholders of record as of January 12, 2023 will receive the payment on January 31, 2023. Previously, the company paid $0.40 per share.
At the most recent share price of $41.88 / share, the stock's dividend yield was 4.01%. Additionally, the company's dividend payout ratio is 0.39, indicating it is retaining a low percentage of its earnings to reinvest in growth opportunities.
The company's 3-Year dividend growth rate is 0.27%, demonstrating that it is increasing its dividends over time.
Camden National Corp. Background Information
(This description is provided by the company.)
Camden National Corporation is the largest publicly traded bank holding company in Northern New England with $4.4 billion in assets and 650 employees. Camden National Bank, its subsidiary, is a full-service community bank founded in 1875 in Camden, Maine. Dedicated to customers at every stage of their financial journey, the bank offers the latest in digital banking, complemented by personalized service with 61 banking centers, 24/7 live phone support, 71 ATMs, and additional lending offices in New Hampshire and Massachusetts. For the past two years, Camden National Bank was named "Customer Experience Leader in U.S. Retail Banking" by Greenwich Associates, and in 2019, it was the only New England based organization included in Sandler O'Neill's "Bank & Thrift Sm-All Star" list of high-performing financial institutions. The Finance Authority of Maine has awarded Camden National Bank as "Lender at Work for Maine" for ten years. Comprehensive wealth management, investment, and financial planning services are delivered by Camden National Wealth Management.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
