Camden National (NASDAQ:CAC) Sets New 1-Year High – Here’s Why

Shares of Camden National Corporation (NASDAQ:CAC) reached a new 52-week high on Monday . The stock traded as high as $59.50 and last traded at $59.55, with a volume of 53771 shares changing hands. The stock had previously closed at $57.89.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CAC shares. National Bank Financial set a $55.00 price objective on shares of Camden National in a report on Thursday. Weiss Ratings reissued a “buy (b)” rating on shares of Camden National in a research note on Tuesday, June 9th. Keefe, Bruyette & Woods increased their price target on shares of Camden National from $50.00 to $55.00 and gave the company a “market perform” rating in a research report on Thursday. Finally, Raymond James Financial boosted their target price on Camden National from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $55.25.

Camden National Stock Performance

The stock’s 50 day moving average price is $53.01 and its 200 day moving average price is $49.77. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 11.45 and a beta of 0.55.

Camden National (NASDAQ:CAC) last posted its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.06. Camden National had a return on equity of 12.73% and a net margin of 23.64%.The firm had revenue of $67.41 million for the quarter, compared to analyst estimates of $66.41 million. Analysts expect that Camden National Corporation will post 5.43 earnings per share for the current year.

Camden National Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Wednesday, July 15th. Camden National’s payout ratio is 32.18%.

Institutional Investors Weigh In On Camden National

A number of large investors have recently added to or reduced their stakes in the business. Dean Capital Management boosted its position in Camden National by 57.7% during the first quarter. Dean Capital Management now owns 61,881 shares of the financial services provider’s stock worth $2,936,000 after purchasing an additional 22,630 shares during the period. UBS Group AG lifted its stake in shares of Camden National by 47.2% during the 4th quarter. UBS Group AG now owns 58,395 shares of the financial services provider’s stock worth $2,533,000 after buying an additional 18,722 shares during the last quarter. Sheets Smith Wealth Management acquired a new stake in shares of Camden National during the 1st quarter worth about $679,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Camden National by 2,802.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 64,348 shares of the financial services provider’s stock worth $2,791,000 after buying an additional 62,131 shares during the period. Finally, Globeflex Capital L P grew its stake in Camden National by 35.5% in the 1st quarter. Globeflex Capital L P now owns 39,232 shares of the financial services provider’s stock valued at $1,862,000 after buying an additional 10,284 shares during the last quarter. Institutional investors own 77.41% of the company’s stock.

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.