Camden National (NASDAQ:CAC) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Camden National reported Q earnings of $1.29 EPS, beating estimates by $0.02, while revenue missed at $64.34 million versus $65.62 million; the company posted a net margin of 17.46% and a return on equity of 11.22%.
• The board declared a quarterly dividend of $0.42 (annualized $1.68) with an ex-dividend date of April 15 and a yield of 3.2%, and a payout ratio of about 43.8%.
• Shares rose about 3.1% to $51.98 after the release; the stock trades at a P/E of 13.5 with a market cap near $882.7M and a consensus analyst rating of "Hold" (average target $49).

Camden National (NASDAQ:CAC - Get Free Report) issued its earnings results on Tuesday. The financial services provider reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.02, FiscalAI reports. The business had revenue of $64.34 million for the quarter, compared to the consensus estimate of $65.62 million. Camden National had a net margin of 17.46% and a return on equity of 11.22%.

Camden National Trading Up 3.1%

Shares of NASDAQ:CAC traded up $1.58 during trading on Tuesday, reaching $51.98. The stock had a trading volume of 28,265 shares, compared to its average volume of 98,807. The business has a fifty day moving average price of $47.95 and a 200-day moving average price of $44.66. 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 stock has a market cap of $882.69 million, a P/E ratio of 13.50 and a beta of 0.58. Camden National has a fifty-two week low of $35.00 and a fifty-two week high of $53.71.

Camden National Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Wednesday, April 15th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, April 15th. Camden National's payout ratio is currently 43.75%.

Wall Street Analysts Forecast Growth

CAC has been the topic of several analyst reports. Stephens reaffirmed an "equal weight" rating and issued a $53.00 target price on shares of Camden National in a report on Thursday, February 5th. National Bank Financial set a $47.00 price objective on shares of Camden National in a report on Wednesday, January 28th. Weiss Ratings raised shares of Camden National from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, February 19th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Camden National from $45.00 to $47.00 and gave the stock a "market perform" rating in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $49.00.

Hedge Funds Weigh In On Camden National

A number of institutional investors have recently modified their holdings of the company. Hsbc Holdings PLC acquired a new position in shares of Camden National in the fourth quarter valued at approximately $327,000. Mercer Global Advisors Inc. ADV raised its position in shares of Camden National by 21.4% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 6,453 shares of the financial services provider's stock valued at $280,000 after buying an additional 1,136 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in shares of Camden National in the fourth quarter valued at approximately $238,000. NewEdge Advisors LLC acquired a new position in shares of Camden National in the fourth quarter valued at approximately $414,000. Finally, Wellington Management Group LLP raised its position in shares of Camden National by 70.4% in the fourth quarter. Wellington Management Group LLP now owns 220,382 shares of the financial services provider's stock valued at $9,560,000 after buying an additional 91,018 shares during the last quarter. Institutional investors and hedge funds own 77.41% of the company's stock.

Camden National Company Profile

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.

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