Camden National (NASDAQ:CAC) Sees Large Volume Increase – Here’s Why

Shares of Camden National Corporation (NASDAQ:CAC) saw an uptick in trading volume on Thursday . Approximately 66,783 shares traded hands during mid-day trading, a decline of 35% from the previous session’s volume of 102,191 shares.The stock last traded at $53.5560 and had previously closed at $52.88.

Analyst Upgrades and Downgrades

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

Camden National Price Performance

The firm has a market cap of $909.11 million, a price-to-earnings ratio of 11.43 and a beta of 0.55. The company’s fifty day moving average is $50.97 and its 200 day moving average is $48.59. 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 issued its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $1.29 EPS for the quarter, topping the consensus estimate of $1.26 by $0.03. Camden National had a net margin of 21.32% and a return on equity of 11.78%. The firm had revenue of $64.34 million for the quarter, compared to analysts’ expectations of $65.57 million. On average, equities research analysts predict that Camden National Corporation will post 5.37 EPS for the current year.

Camden National Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Wednesday, July 15th will be given a $0.42 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.1%. Camden National’s payout ratio is currently 35.74%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. increased its position in shares of Camden National by 106.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 878 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 452 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Camden National by 13,790.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,389 shares of the financial services provider’s stock valued at $54,000 after buying an additional 1,379 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Camden National in the third quarter valued at $58,000. Nisa Investment Advisors LLC grew its stake in shares of Camden National by 15,220.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,532 shares of the financial services provider’s stock valued at $66,000 after buying an additional 1,522 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in Camden National during the fourth quarter worth $92,000. 77.41% of the stock is owned by institutional investors and hedge funds.

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.