Camden National (NASDAQ:CAC) Sees Large Volume Increase - Should You Buy?

Key Points

• Camden National shares rose 1.1% and saw notable trading activity, with about 66,783 shares changing hands. The stock traded around $53.56, slightly above its previous close.
• Analysts are mixed but generally cautious: the stock has a consensus rating of “Hold” and an average price target of $52.75. Recent updates included higher targets from Raymond James and Keefe, Bruyette & Woods, while Weiss Ratings reiterated a buy.
• The company recently beat quarterly EPS estimates, reporting $1.29 per share versus $1.26 expected, and also announced a $0.42 quarterly dividend, equal to a 3.1% annual yield. Institutional ownership remains high at 77.41%.

Shares of Camden National Corporation (NASDAQ:CAC - Get Free Report) saw an uptick in trading volume on Thursday . Approximately 66,783 shares changed hands during mid-day trading, a decline of 35% from the previous session's volume of 102,191 shares.The stock last traded at $53.5560 and had previously closed at $52.88.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Keefe, Bruyette & Woods upped their price objective on Camden National from $47.00 to $50.00 and gave the stock a "market perform" rating in a research note on Wednesday, April 29th. Raymond James Financial raised their target price on Camden National from $56.00 to $58.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. National Bank Financial set a $50.00 price target on shares of Camden National in a report on Wednesday, April 29th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Camden National in a research report on Tuesday, June 9th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $52.75.

Camden National Stock Up 1.1%

The firm's fifty day moving average price is $50.80 and its 200-day moving average price is $48.50. 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 firm has a market capitalization of $904.97 million, a P/E ratio of 11.36 and a beta of 0.55.

Camden National (NASDAQ:CAC - Get Free Report) 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 analysts' expectations of $65.57 million. Camden National had a return on equity of 11.78% and a net margin of 21.32%. As a group, equities research analysts forecast that Camden National Corporation will post 5.37 earnings per share for the current year.

Camden National Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Wednesday, July 15th. Camden National's payout ratio is currently 35.74%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Franklin Resources Inc. grew its holdings in Camden National by 7.8% during the third 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 boosted its position 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 valued at $9,560,000 after purchasing an additional 91,018 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of 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 valued at $2,791,000 after purchasing an additional 62,131 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of 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 purchasing an additional 59,479 shares during the last quarter. Finally, Empowered Funds LLC grew its stake in shares of Camden National by 322.3% in the 1st quarter. Empowered Funds LLC now owns 69,644 shares of the financial services provider's stock worth $3,305,000 after purchasing an additional 53,154 shares during the last quarter. Institutional investors own 77.41% of the company's stock.

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.

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