Camden National (NASDAQ:CAC) Sets New 12-Month High – What’s Next?

Camden National Corporation (NASDAQ:CAC) reached a new 52-week high on Thursday. The company traded as high as $61.00 and last traded at $60.4890, with a volume of 6,934 shares. The stock had previously closed at $59.56.

Analysts Set New Price Targets

Several research analysts recently commented on CAC shares. Hovde Group assumed coverage on Camden National in a research note on Tuesday, September 15th. They issued a “hold” rating for the company. National Bank Financial set a $58.00 price target on shares of Camden National in a research report on Wednesday, October 28th. Zacks Research downgraded shares of Camden National from a “hold” rating to a “strong sell” rating in a research note on Friday, October 30th. Weiss Ratings raised shares of Camden National from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. Finally, Keefe, Bruyette & Woods lifted 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, July 30th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Camden National presently has an average rating of “Hold” and a consensus target price of $56.00.

Camden National Price Performance

The company’s 50-day moving average price is $57.09 and its 200-day moving average price is $52.37. The firm has a market cap of $1.00 billion, a price-to-earnings ratio of 11.18 and a beta of 0.58. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.09.

Camden National (NASDAQ:CAC) last posted its quarterly earnings data on Tuesday, October 27th. The financial services provider reported $1.34 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.34. Camden National had a return on equity of 12.71% and a net margin of 24.16%. The business had revenue of $68.67 million for the quarter, compared to analyst estimates of $67.91 million. On average, equities research analysts forecast that Camden National Corporation will post 5.33 EPS for the current year.

Camden National Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Thursday, October 15th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.8%. The ex-dividend date was Thursday, October 15th. Camden National’s dividend payout ratio is presently 31.64%.

Institutional Trading of Camden National

A number of institutional investors have recently bought and sold shares of CAC. BlackRock Inc. acquired a new stake in Camden National during the 2nd quarter worth approximately $96,659,000. Dimensional Fund Advisors LP grew its stake in Camden National by 1.0% during the first quarter. Dimensional Fund Advisors LP now owns 830,350 shares of the financial services provider’s stock worth $39,400,000 after buying an additional 8,205 shares during the period. Basswood Capital Management L.L.C. acquired a new stake in Camden National in the 2nd quarter valued at $13,430,000. The Manufacturers Life Insurance Company purchased a new position in Camden National in the second quarter valued at about $12,693,000. Finally, Kimelman & Baird LLC acquired a new position in shares of Camden National during the second quarter worth about $7,444,000. 77.41% of the stock is currently owned by hedge funds and other institutional investors.

About Camden National

Camden National Corporation (NASDAQ:CAC) is a bank holding company headquartered in Camden, Maine. Through its principal subsidiary, Camden National Bank, the company provides banking and financial services to individuals, families, businesses and municipalities primarily across Maine.

Camden National Bank offers deposit accounts, residential and commercial real estate loans, consumer lending, business financing, cash-management services and digital banking. Its offerings also include wealth management, trust and investment services designed to support customers with financial planning and asset management needs.

Founded in 1875, Camden National has developed a community-banking model supported by branches and banking offices throughout Maine.