Camden National (NASDAQ:CAC) Rating Increased to Overweight at Stephens

Key Points

• Camden National's stock rating was upgraded from "equal weight" to "overweight" by Stephens, with a price target of $44.00 indicating a potential upside of 19.37%.
• The company reported earnings per share of $0.89 for the last quarter, which was below the analysts' consensus estimate of $1.12.
• Institutional investors have significantly increased their positions in Camden National, with notable increases from KLP Kapitalforvaltning AS and Trust Co. of Vermont.

Camden National (NASDAQ:CAC - Get Free Report) was upgraded by investment analysts at Stephens from an "equal weight" rating to an "overweight" rating in a research note issued to investors on Wednesday,Finviz reports. The firm currently has a $44.00 price objective on the financial services provider's stock. Stephens' price target suggests a potential upside of 19.37% from the stock's current price.

CAC has been the subject of several other research reports. Keefe, Bruyette & Woods decreased their price target on shares of Camden National from $48.00 to $47.00 and set a "market perform" rating for the company in a research note on Wednesday, May 7th. Wall Street Zen started coverage on Camden National in a research report on Monday, May 19th. They issued a "hold" rating for the company.

Camden National Price Performance

Shares of NASDAQ:CAC opened at $36.86 on Wednesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.10. The stock has a market cap of $622.57 million, a PE ratio of 11.66 and a beta of 0.66. The stock's fifty day simple moving average is $40.35 and its two-hundred day simple moving average is $40.96. Camden National has a 1-year low of $34.53 and a 1-year high of $50.07.

Camden National (NASDAQ:CAC - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.89 earnings per share for the quarter, missing analysts' consensus estimates of $1.12 by ($0.23). Camden National had a net margin of 14.77% and a return on equity of 10.58%. The firm had revenue of $69.82 million for the quarter, compared to the consensus estimate of $61.04 million. As a group, analysts forecast that Camden National will post 4.25 EPS for the current fiscal year.

Institutional Trading of Camden National

A number of institutional investors have recently modified their holdings of CAC. Y Intercept Hong Kong Ltd purchased a new stake in Camden National during the 2nd quarter worth about $278,000. Inspire Investing LLC boosted its position in shares of Camden National by 13.5% in the second quarter. Inspire Investing LLC now owns 9,632 shares of the financial services provider's stock valued at $391,000 after acquiring an additional 1,144 shares during the period. KLP Kapitalforvaltning AS grew its stake in Camden National by 77.4% during the second 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. Trust Co. of Vermont increased its holdings in Camden National by 330.2% during the 2nd quarter. Trust Co. of Vermont now owns 2,151 shares of the financial services provider's stock worth $87,000 after acquiring an additional 1,651 shares during the period. Finally, Delphi Management Inc. MA increased its holdings in Camden National by 158.5% during the 2nd quarter. Delphi Management Inc. MA now owns 31,788 shares of the financial services provider's stock worth $1,290,000 after acquiring an additional 19,493 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 operates as the bank holding company for Camden National Bank that provides various commercial and consumer banking products and services for consumer, institutional, municipal, non-profit, and commercial customers in Maine, New Hampshire, and Massachusetts. The company accepts checking, savings, time, and brokered deposits, as well as deposits with the certificate of deposit account registry system.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.