Camden National (NASDAQ:CAC) Reaches New 12-Month High After Dividend Announcement

Camden National Corporation (NASDAQ:CAC)’s share price reached a new 52-week high during trading on Wednesday after the company announced a dividend. The stock traded as high as $55.17 and last traded at $55.1580, with a volume of 7542 shares changing hands. The stock had previously closed at $54.22.

The newly announced dividend which will be paid on Friday, July 31st. Shareholders 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 dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, July 15th. Camden National’s dividend payout ratio (DPR) is currently 35.74%.

Analysts Set New Price Targets

A number of research analysts have issued reports on CAC shares. Keefe, Bruyette & Woods lifted their target price on Camden National from $47.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, April 29th. National Bank Financial set a $50.00 target price on shares of Camden National in a report on Wednesday, April 29th. Weiss Ratings restated a “buy (b)” rating on shares of Camden National in a research note on Tuesday, June 9th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $58.00 price target on shares of Camden National in a report on Wednesday. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Camden National currently has an average rating of “Hold” and an average price target of $52.75.

Camden National Stock Up 2.3%

The firm has a market capitalization of $938.32 million, a price-to-earnings ratio of 11.79 and a beta of 0.56. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a fifty day moving average of $50.25 and a two-hundred day moving average of $48.13.

Camden National (NASDAQ:CAC) last announced its earnings results on Tuesday, April 28th. The financial services provider reported $1.29 EPS for the quarter, topping the consensus estimate of $1.26 by $0.03. The firm had revenue of $64.34 million for the quarter, compared to the consensus estimate of $65.57 million. Camden National had a return on equity of 11.78% and a net margin of 21.32%. Sell-side analysts anticipate that Camden National Corporation will post 5.39 earnings per share for the current year.

Institutional Trading of Camden National

Institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. raised its holdings in Camden National by 7.8% during the 3rd quarter. Franklin Resources Inc. now owns 1,559,400 shares of the financial services provider’s stock worth $60,177,000 after purchasing an additional 113,221 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Camden National by 70.4% in the 4th quarter. Wellington Management Group LLP now owns 220,382 shares of the financial services provider’s stock valued at $9,560,000 after purchasing an additional 91,018 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Camden National by 2,802.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 64,348 shares of the financial services provider’s stock valued at $2,791,000 after purchasing an additional 62,131 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Camden National by 98.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 120,062 shares of the financial services provider’s stock worth $5,208,000 after buying an additional 59,479 shares during the period. Finally, Empowered Funds LLC increased its position in shares of Camden National by 322.3% during the first quarter. Empowered Funds LLC now owns 69,644 shares of the financial services provider’s stock worth $3,305,000 after buying an additional 53,154 shares during the period. 77.41% of the stock is currently owned by institutional investors.

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.