Camden National (NASDAQ:CAC) Reaches New 1-Year High – Still a Buy?

Shares of Camden National Corporation (NASDAQ:CAC) hit a new 52-week high during trading on Wednesday . The company traded as high as $46.83 and last traded at $46.8940, with a volume of 30611 shares. The stock had previously closed at $44.57.

Analyst Upgrades and Downgrades

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

Camden National Price Performance

The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.09. The company has a 50 day simple moving average of $43.07 and a 200-day simple moving average of $40.67. The stock has a market cap of $799.73 million, a price-to-earnings ratio of 13.46 and a beta of 0.65.

Camden National (NASDAQ:CAC) last issued its earnings results on Tuesday, October 28th. The financial services provider reported $1.24 EPS for the quarter, topping the consensus estimate of $1.23 by $0.01. The company had revenue of $116.67 million during the quarter, compared to analyst estimates of $63.20 million. Camden National had a return on equity of 10.76% and a net margin of 16.24%. As a group, research analysts anticipate that Camden National Corporation will post 4.25 EPS for the current fiscal year.

Camden National Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Thursday, January 15th will be paid a dividend of $0.42 per share. The ex-dividend date is Thursday, January 15th. This represents a $1.68 annualized dividend and a yield of 3.6%. Camden National’s payout ratio is presently 47.86%.

Hedge Funds Weigh In On Camden National

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. bought a new stake in shares of Camden National during the third quarter valued at approximately $2,897,000. Y Intercept Hong Kong Ltd acquired a new stake in Camden National in the 2nd quarter valued at approximately $278,000. KLP Kapitalforvaltning AS raised its stake in Camden National by 77.4% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 5,500 shares of the financial services provider’s stock valued at $223,000 after acquiring an additional 2,400 shares in the last quarter. Geode Capital Management LLC raised its stake in Camden National by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 408,288 shares of the financial services provider’s stock valued at $16,571,000 after acquiring an additional 2,187 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Camden National by 6.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 297,321 shares of the financial services provider’s stock worth $12,065,000 after acquiring an additional 17,287 shares during the period. 77.41% of the stock is currently owned by institutional investors and hedge funds.

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.