Camden National (NASDAQ:CAC) Sets New 52-Week High Following Dividend Announcement

Camden National Corporation (NASDAQ:CAC)’s share price reached a new 52-week high on Wednesday following a dividend announcement from the company. The stock traded as high as $55.17 and last traded at $55.1580, with a volume of 7542 shares changing hands. The stock had previously closed at $54.22.

The newly announced dividend which will be paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Wednesday, July 15th. Camden National’s dividend payout ratio (DPR) is presently 35.74%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CAC. Keefe, Bruyette & Woods boosted their price objective on Camden National from $47.00 to $50.00 and gave the company a “market perform” rating in a research note on Wednesday, April 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Camden National in a research note on Tuesday, June 9th. Raymond James Financial reiterated an “outperform” rating and issued a $58.00 target price on shares of Camden National in a report on Wednesday. Finally, National Bank Financial set a $50.00 price target on Camden National in a research note on Wednesday, April 29th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $52.75.

Camden National Trading Up 2.3%

The firm’s 50 day simple moving average is $50.25 and its two-hundred day simple moving average is $48.13. The stock has a market capitalization of $938.32 million, a P/E ratio of 11.79 and a beta of 0.56. 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 released its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.03. The company had revenue of $64.34 million for the quarter, compared to analysts’ expectations of $65.57 million. Camden National had a net margin of 21.32% and a return on equity of 11.78%. As a group, analysts forecast that Camden National Corporation will post 5.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Camden National

Several hedge funds and other institutional investors have recently modified their holdings of CAC. Franklin Resources Inc. raised its position in shares of Camden National by 7.8% during the third quarter. Franklin Resources Inc. now owns 1,559,400 shares of the financial services provider’s stock worth $60,177,000 after purchasing an additional 113,221 shares during the period. Wellington Management Group LLP grew its position in Camden National by 70.4% in the 4th quarter. Wellington Management Group LLP now owns 220,382 shares of the financial services provider’s stock valued at $9,560,000 after purchasing an additional 91,018 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in Camden National by 2,802.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 64,348 shares of the financial services provider’s stock valued at $2,791,000 after purchasing an additional 62,131 shares during the period. Goldman Sachs Group Inc. increased its stake in Camden National by 98.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 120,062 shares of the financial services provider’s stock valued at $5,208,000 after purchasing an additional 59,479 shares in the last quarter. Finally, Empowered Funds LLC increased its stake in Camden National by 322.3% during the 1st quarter. Empowered Funds LLC now owns 69,644 shares of the financial services provider’s stock valued at $3,305,000 after purchasing an additional 53,154 shares in the last quarter. Institutional investors own 77.41% of the company’s stock.

About Camden National

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.