Camden National (NASDAQ:CAC) Reaches New 12-Month High – Here’s What Happened

Shares of Camden National Corporation (NASDAQ:CAC) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $53.78 and last traded at $52.9340, with a volume of 7222 shares. The stock had previously closed at $52.78.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CAC shares. National Bank Financial set a $50.00 target price on Camden National in a research note on Wednesday, April 29th. Keefe, Bruyette & Woods lifted their price target on Camden National from $47.00 to $50.00 and gave the company a “market perform” rating in a report on Wednesday, April 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Camden National in a research note on Tuesday, June 9th. Finally, Raymond James Financial reiterated an “outperform” rating and set a $56.00 price objective on shares of Camden National in a report on Wednesday, April 29th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $52.25.

Camden National Stock Performance

The stock’s fifty day simple moving average is $49.98 and its two-hundred day simple moving average is $47.82. The company has a market cap of $902.51 million, a price-to-earnings ratio of 11.33 and a beta of 0.56. 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 (NASDAQ:CAC) last released its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.03. The business had revenue of $64.34 million during 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%. Equities research analysts anticipate that Camden National Corporation will post 5.39 EPS for the current year.

Camden National Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Wednesday, April 15th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, April 15th. Camden National’s payout ratio is 35.74%.

Hedge Funds Weigh In On Camden National

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