Camden National (NASDAQ:CAC) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Camden National (NASDAQ:CAC) posted its quarterly earnings data on Tuesday. The financial services provider reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.01, Zacks reports. Camden National had a net margin of 16.24% and a return on equity of 10.76%.

Camden National Stock Up 3.8%

CAC stock opened at $47.28 on Tuesday. Camden National has a 1-year low of $34.53 and a 1-year high of $48.20. The business’s 50 day simple moving average is $43.69 and its 200 day simple moving average is $40.78. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $799.99 million, a PE ratio of 13.47 and a beta of 0.65.

Camden National Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Thursday, January 15th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Thursday, January 15th. Camden National’s dividend payout ratio (DPR) is currently 47.86%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Janney Montgomery Scott raised Camden National to a “hold” rating in a research report on Wednesday, October 22nd. Keefe, Bruyette & Woods raised their target price on Camden National from $44.00 to $45.00 and gave the company a “market perform” rating in a report on Wednesday, October 29th. National Bankshares set a $45.00 price target on Camden National in a report on Wednesday, October 29th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Camden National in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $46.75.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. lifted its holdings in shares of Camden National by 13,790.0% in 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 stake in shares of Camden National in the 3rd quarter valued at about $58,000. Aquatic Capital Management LLC boosted its holdings in Camden National by 33.5% in the third quarter. Aquatic Capital Management LLC now owns 3,153 shares of the financial services provider’s stock valued at $122,000 after acquiring an additional 791 shares during the last quarter. Quantbot Technologies LP lifted its holdings in Camden National by 45.7% in the second quarter. Quantbot Technologies LP now owns 3,167 shares of the financial services provider’s stock valued at $129,000 after buying an additional 993 shares during the period. Finally, Lazard Asset Management LLC bought a new stake in Camden National during the second quarter valued at $136,000. Institutional investors and hedge funds own 77.41% of the company’s stock.

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.