Camden National (NASDAQ:CAC) Sets New 52-Week High – Here’s Why

Camden National Co. (NASDAQ:CAC) hit a new 52-week high during trading on Wednesday . The company traded as high as $43.50 and last traded at $42.75, with a volume of 18722 shares trading hands. The stock had previously closed at $42.19.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Camden National from $40.00 to $41.00 and gave the stock a “market perform” rating in a research note on Wednesday, September 11th. Stephens increased their price target on shares of Camden National from $35.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Finally, StockNews.com initiated coverage on Camden National in a report on Tuesday. They set a “hold” rating on the stock.

Camden National Stock Up 1.0 %

The business’s 50-day moving average is $38.94 and its 200-day moving average is $35.14. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.82. The firm has a market cap of $622.55 million, a price-to-earnings ratio of 14.23 and a beta of 0.72.

Camden National (NASDAQ:CAC) last released its quarterly earnings results on Tuesday, July 30th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.10. The firm had revenue of $72.81 million during the quarter, compared to analysts’ expectations of $41.07 million. Camden National had a return on equity of 10.36% and a net margin of 16.01%. During the same period last year, the firm posted $0.85 EPS. On average, equities analysts predict that Camden National Co. will post 3.34 EPS for the current year.

Camden National Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.42 per share. The ex-dividend date is Tuesday, October 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.94%. Camden National’s payout ratio is 55.81%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CAC. Signaturefd LLC boosted its stake in shares of Camden National by 2,990.3% in the 1st quarter. Signaturefd LLC now owns 38,567 shares of the financial services provider’s stock valued at $1,293,000 after purchasing an additional 37,319 shares during the last quarter. Kimelman & Baird LLC bought a new position in Camden National in the second quarter valued at approximately $4,943,000. ProShare Advisors LLC grew its holdings in Camden National by 13.2% during the 1st quarter. ProShare Advisors LLC now owns 239,468 shares of the financial services provider’s stock worth $8,027,000 after acquiring an additional 28,007 shares during the period. Hantz Financial Services Inc. bought a new stake in shares of Camden National during the 2nd quarter valued at $757,000. Finally, BNP Paribas Financial Markets lifted its stake in shares of Camden National by 89.3% in the 1st quarter. BNP Paribas Financial Markets now owns 7,060 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 3,330 shares during the period. 77.41% of the stock is currently owned by institutional investors.

About Camden National

Camden National Corporation operates as the bank holding company for Camden National Bank that provides various commercial and consumer banking products and services for consumer, institutional, municipal, non-profit, and commercial customers in Maine, New Hampshire, and Massachusetts. The company accepts checking, savings, time, and brokered deposits, as well as deposits with the certificate of deposit account registry system.