Camden National (NASDAQ:CAC) Hits New 12-Month High – Here’s Why

Shares of Camden National Co. (NASDAQ:CAC) reached a new 52-week high during trading on Wednesday . The stock traded as high as $50.07 and last traded at $49.10, with a volume of 18998 shares traded. The stock had previously closed at $48.80.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Stephens lifted their price target on shares of Camden National from $35.00 to $42.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. StockNews.com began coverage on Camden National in a research note on Friday, November 8th. They set a “hold” rating for the company. Finally, Keefe, Bruyette & Woods boosted 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 report on Wednesday, September 11th.

Camden National Trading Down 0.5 %

The firm has a market capitalization of $708.30 million, a P/E ratio of 15.13 and a beta of 0.72. The company has a current ratio of 0.82, a quick ratio of 0.81 and a debt-to-equity ratio of 0.08. The stock has a 50-day simple moving average of $41.10 and a two-hundred day simple moving average of $36.99.

Camden National (NASDAQ:CAC) last announced its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.11. The firm had revenue of $75.13 million during the quarter, compared to analysts’ expectations of $43.90 million. Camden National had a net margin of 16.47% and a return on equity of 9.95%. During the same quarter in the prior year, the company earned $0.96 EPS. On average, equities research analysts anticipate that Camden National Co. will post 3.45 earnings per share for the current year.

Camden National Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Tuesday, October 15th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend was Tuesday, October 15th. Camden National’s dividend payout ratio is currently 52.50%.

Institutional Trading of Camden National

A number of institutional investors have recently made changes to their positions in the business. Kimelman & Baird LLC acquired a new stake in shares of Camden National in the second quarter worth $4,943,000. Segall Bryant & Hamill LLC purchased a new position in Camden National in the 3rd quarter valued at about $1,729,000. ProShare Advisors LLC increased its position in shares of Camden National by 13.2% during the first quarter. ProShare Advisors LLC now owns 239,468 shares of the financial services provider’s stock worth $8,027,000 after purchasing an additional 28,007 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Camden National by 3.3% in the second quarter. Dimensional Fund Advisors LP now owns 836,521 shares of the financial services provider’s stock worth $27,605,000 after buying an additional 26,450 shares in the last quarter. Finally, Hantz Financial Services Inc. purchased a new stake in Camden National in the 2nd quarter valued at $757,000. Institutional investors and hedge funds own 77.41% of the company’s stock.

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.