Camden National Corporation (NASDAQ:CAC) Stock Has Consensus Target Price of $56.50 According to Brokerages

Shares of Camden National Corporation (NASDAQ:CAC) have received a consensus rating of “Hold” from the six brokerages that are presently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $56.50.

Several equities analysts have commented on CAC shares. National Bank Financial set a $60.00 price target on shares of Camden National in a research report on Tuesday, September 15th. Keefe, Bruyette & Woods upped their price objective on Camden National from $50.00 to $55.00 and gave the stock a “market perform” rating in a research report on Thursday, July 30th. Weiss Ratings upgraded Camden National from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday. Raymond James Financial lifted their target price on Camden National from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Finally, Hovde Group initiated coverage on Camden National in a research note on Tuesday, September 15th. They set a “hold” rating for the company.

Hedge Funds Weigh In On Camden National

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Camden National in the second quarter valued at approximately $96,659,000. Dimensional Fund Advisors LP grew its holdings in Camden National by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 830,350 shares of the financial services provider’s stock worth $39,400,000 after acquiring an additional 8,205 shares in the last quarter. Basswood Capital Management L.L.C. acquired a new position in Camden National during the 2nd quarter worth approximately $13,430,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Camden National in the 2nd quarter valued at approximately $12,693,000. Finally, Kimelman & Baird LLC purchased a new stake in shares of Camden National in the 2nd quarter valued at approximately $7,444,000. 77.41% of the stock is owned by institutional investors and hedge funds.

Camden National Trading Down 1.6%

NASDAQ CAC opened at $55.49 on Friday. The firm has a 50 day simple moving average of $57.37 and a 200-day simple moving average of $53.28. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.82 and a current ratio of 0.82. Camden National has a one year low of $35.00 and a one year high of $60.59. The firm has a market cap of $937.78 million, a price-to-earnings ratio of 10.63 and a beta of 0.57.

Camden National (NASDAQ:CAC) last announced its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.06. Camden National had a net margin of 23.64% and a return on equity of 12.59%. The firm had revenue of $67.41 million during the quarter, compared to analysts’ expectations of $66.41 million. Equities research analysts anticipate that Camden National will post 5.36 EPS for the current fiscal year.

Camden National Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Thursday, October 15th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Thursday, October 15th. Camden National’s dividend payout ratio (DPR) is presently 32.18%.

Camden National Company Profile

Camden National Corporation is the bank holding company for Camden National Bank, a community banking institution headquartered in Camden, Maine. Founded in 1875, the company provides banking and financial services to individuals, families, businesses and municipal organizations.

Camden National Bank offers deposit accounts, consumer and commercial loans, residential mortgages, cash-management services and other traditional banking products. Through its wealth management operations, the company also provides investment management, trust, financial planning and related advisory services.

The company primarily serves customers across Maine through a network of banking offices, lending teams and digital banking services.