Camden National (NASDAQ:CAC) Reaches New 12-Month High After Strong Earnings

Key Points

• Camden National hit a new 52-week high after reporting quarterly EPS of $1.29 versus the $1.27 consensus (revenue $64.34M vs. $65.62M), with intraday trading as high as $53.71 and last at $51.85.
• The board declared a quarterly dividend of $0.42 per share (annualized $1.68) with an ex-dividend date of April 15 and a yield of 3.2%, implying a payout ratio of about 43.8%.
• Analysts maintain a consensus rating of "Hold" with an average target of $49 (one Buy, four Hold), while institutional investors own roughly 77.4% of the stock; market cap is about $882M with a P/E of 13.54.

Camden National Corporation (NASDAQ:CAC - Get Free Report) hit a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $53.71 and last traded at $51.85, with a volume of 22932 shares changing hands. The stock had previously closed at $50.40.

The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.27 by $0.02. Camden National had a net margin of 17.46% and a return on equity of 11.22%. The company had revenue of $64.34 million during the quarter, compared to the consensus estimate of $65.62 million.

Camden National Dividend Announcement

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

Analysts Set New Price Targets

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

Institutional Trading of Camden National

Several hedge funds and other institutional investors have recently bought and sold shares of CAC. Franklin Resources Inc. grew its stake in 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 worth $60,177,000 after acquiring an additional 113,221 shares during the period. Wellington Management Group LLP grew its stake in 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 worth $9,560,000 after acquiring an additional 91,018 shares during the period. TrueMark Investments LLC purchased a new stake in Camden National in the 3rd quarter worth approximately $2,634,000. Northwestern Mutual Wealth Management Co. grew its stake in 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 worth $2,791,000 after acquiring an additional 62,131 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in Camden National by 98.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 120,062 shares of the financial services provider's stock worth $5,208,000 after acquiring an additional 59,479 shares during the period. 77.41% of the stock is owned by hedge funds and other institutional investors.

Camden National Price Performance

The stock has a market capitalization of $881.94 million, a PE ratio of 13.54 and a beta of 0.58. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09. The company's 50 day simple moving average is $47.95 and its 200 day simple moving average is $44.66.

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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