Camden National (NASDAQ:CAC) Posts Earnings Results, Beats Expectations By $0.06 EPS

Camden National (NASDAQ:CAC) announced its quarterly earnings results on Tuesday. The financial services provider reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.06, FiscalAI reports. The business had revenue of $67.41 million for the quarter, compared to analysts’ expectations of $66.41 million. Camden National had a return on equity of 11.78% and a net margin of 21.32%.

Camden National Stock Performance

CAC opened at $54.57 on Tuesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.09. The business’s 50 day moving average is $52.29 and its 200-day moving average is $49.39. The stock has a market cap of $923.32 million, a PE ratio of 11.61 and a beta of 0.55. Camden National has a twelve month low of $35.00 and a twelve month high of $56.22.

Camden National Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders 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 dividend yield of 3.1%. The ex-dividend date of this dividend is Wednesday, July 15th. Camden National’s payout ratio is 35.74%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC acquired a new stake in shares of Camden National in the 4th quarter worth approximately $327,000. Mercer Global Advisors Inc. ADV increased its stake in shares of Camden National by 21.4% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 6,453 shares of the financial services provider’s stock valued at $280,000 after acquiring an additional 1,136 shares during the period. EP Wealth Advisors LLC acquired a new position in shares of Camden National during the fourth quarter valued at approximately $238,000. NewEdge Advisors LLC acquired a new position in shares of Camden National during the fourth quarter valued at approximately $414,000. Finally, Wellington Management Group LLP raised its holdings in Camden National by 70.4% during the fourth quarter. Wellington Management Group LLP now owns 220,382 shares of the financial services provider’s stock worth $9,560,000 after purchasing an additional 91,018 shares in the last quarter. Institutional investors and hedge funds own 77.41% of the company’s stock.

Analysts Set New Price Targets

CAC has been the subject of a number of recent research reports. Weiss Ratings restated a “buy (b)” rating on shares of Camden National in a research note on Tuesday, June 9th. Keefe, Bruyette & Woods raised their target price 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. National Bank Financial set a $50.00 price target on shares of Camden National in a report on Wednesday, April 29th. Finally, Raymond James Financial boosted their price target on shares of Camden National from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Camden National presently has a consensus rating of “Hold” and an average target price of $52.75.

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.