Camden National (NASDAQ:CAC) Issues Earnings Results, Beats Expectations By $0.06 EPS

Camden National (NASDAQ:CAC) issued its earnings results on Tuesday. The financial services provider reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.06, FiscalAI reports. Camden National had a net margin of 21.32% and a return on equity of 11.78%. The company had revenue of $67.41 million for the quarter, compared to analyst estimates of $66.41 million.

Camden National Stock Performance

Camden National stock opened at $54.57 on Tuesday. The company has a market cap of $923.32 million, a price-to-earnings ratio of 11.61 and a beta of 0.55. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.82 and a quick ratio of 0.82. Camden National has a 12 month low of $35.00 and a 12 month high of $56.22. The stock’s 50-day moving average is $52.29 and its 200-day moving average is $49.39.

Camden National Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Wednesday, July 15th. Camden National’s dividend payout ratio (DPR) is 35.74%.

Institutional Investors Weigh In On Camden National

Several hedge funds have recently modified their holdings of the stock. Hsbc Holdings PLC acquired a new stake in shares of Camden National during the fourth quarter valued at about $327,000. Mercer Global Advisors Inc. ADV boosted its stake in shares of Camden National by 21.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 6,453 shares of the financial services provider’s stock valued at $280,000 after buying an additional 1,136 shares during the last quarter. EP Wealth Advisors LLC acquired a new stake in shares of Camden National during the fourth quarter worth approximately $238,000. NewEdge Advisors LLC acquired a new stake in shares of Camden National during the fourth quarter worth approximately $414,000. Finally, Wellington Management Group LLP increased its stake in shares of Camden National by 70.4% in the fourth quarter. Wellington Management Group LLP now owns 220,382 shares of the financial services provider’s stock worth $9,560,000 after buying an additional 91,018 shares during the last quarter. 77.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CAC has been the topic of a number of research reports. Weiss Ratings restated a “buy (b)” rating on shares of Camden National in a report on Tuesday, June 9th. National Bank Financial set a $50.00 price target on Camden National in a research report on Wednesday, April 29th. Keefe, Bruyette & Woods raised their target price on shares of Camden National from $47.00 to $50.00 and gave the company a “market perform” rating in a report on Wednesday, April 29th. Finally, Raymond James Financial increased their price target on shares of Camden National from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Camden National has a consensus rating of “Hold” and an average price target of $52.75.

Camden National Company Profile

Camden National Corporation is a bank holding company headquartered in Camden, Maine. Through its primary subsidiary, Camden National Bank, the company provides a full range of community banking services to individuals and businesses. Its branch network spans much of the State of Maine, with a concentration in the midcoast, central and southern regions.

The company’s offerings include deposit products such as checking, savings and money market accounts, along with consumer and commercial lending services.