Camden National Corporation (NASDAQ:CAC) Given Consensus Rating of “Hold” by Brokerages

Camden National Corporation (NASDAQ:CAC) has been given an average recommendation of “Hold” by the six analysts that are currently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $52.75.

CAC has been the subject of several recent research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Camden National in a research note on Tuesday, June 9th. Keefe, Bruyette & Woods boosted their target price on shares of Camden National from $47.00 to $50.00 and gave the stock a “market perform” rating in a report on Wednesday, April 29th. Raymond James Financial upped their price target on shares of Camden National from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Finally, National Bank Financial set a $50.00 price target on shares of Camden National in a research note on Wednesday, April 29th.

Camden National News Summary

Here are the key news stories impacting Camden National this week:

• Positive Sentiment: Record earnings and estimates beat: Camden National reported quarterly net income of $23.0 million and diluted EPS of $1.35, up from $0.89 a year earlier and ahead of consensus estimates of approximately $1.29-$1.30. Revenue reached $67.41 million, exceeding the $66.41 million estimate. Camden National Q2 earnings release
• Positive Sentiment: Improving profitability: Return on average assets was 1.33%, return on average equity was 12.92%, and return on average tangible equity reached 18.47%. First-half net income more than doubled to $44.9 million, versus $21.4 million in the prior-year period. Camden National record Q2 net income
• Positive Sentiment: Healthy core banking trends: Management highlighted loan growth, expansion of the 3.26% net interest margin and a 21% increase in non-interest income, suggesting stronger spread income and greater fee-income diversification. Total assets were $7.0 billion, including $5.0 billion of loans and $5.6 billion of deposits. Camden National Q2 earnings call highlights
• Positive Sentiment: Shareholder returns: Camden National declared a $0.42-per-share cash dividend and repurchased 52,000 shares during the quarter at an average price of $47.64, providing additional support for per-share value. Camden National shareholder returns

Institutional Inflows and Outflows

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

Camden National Trading Up 1.1%

Shares of CAC stock opened at $58.47 on Thursday. Camden National has a twelve month low of $35.00 and a twelve month high of $59.31. The stock’s fifty day simple moving average is $52.67 and its 200 day simple moving average is $49.58. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $989.02 million, a P/E ratio of 11.20 and a beta of 0.55.

Camden National (NASDAQ:CAC) last posted its earnings results on Tuesday, July 28th. The financial services provider reported $1.35 EPS for the quarter, beating the consensus estimate of $1.29 by $0.06. Camden National had a return on equity of 12.73% and a net margin of 23.64%.The firm had revenue of $67.41 million during the quarter, compared to the consensus estimate of $66.41 million. As a group, sell-side analysts predict that Camden National will post 5.37 EPS for the current fiscal year.

Camden National Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Wednesday, July 15th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Wednesday, July 15th. Camden National’s dividend payout ratio is presently 32.18%.

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.