Camden National (NASDAQ:CAC) Sees Strong Trading Volume - Here's Why

Key Points

• Camden National shares traded at $57.16 on unusually high volume, with about 56,009 shares changing hands. The stock outperformed its prior close of $56.50 despite volume falling 45% from the previous session.
• Analyst sentiment remains mixed, with two Buy ratings and three Hold ratings; the average price target is $55.25. Raymond James raised its target to $58 and assigned an Outperform rating, while Keefe, Bruyette & Woods increased its target to $55.
• The company exceeded quarterly expectations, reporting $1.35 EPS versus the $1.29 consensus and revenue of $67.41 million. Camden National also maintains a quarterly dividend of $0.42, equivalent to a 3.0% annual yield.

Shares of Camden National Corporation (NASDAQ:CAC - Get Free Report) saw unusually-strong trading volume on Friday . Approximately 56,009 shares changed hands during mid-day trading, a decline of 45% from the previous session's volume of 101,010 shares.The stock last traded at $57.16 and had previously closed at $56.50.

Analysts Set New Price Targets

A number of research firms have weighed in on CAC. National Bank Financial set a $55.00 target price on shares of Camden National in a research report on Thursday, July 30th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Camden National in a research note on Tuesday, June 9th. Keefe, Bruyette & Woods increased their price objective on shares of Camden National from $50.00 to $55.00 and gave the stock a "market perform" rating in a research report on Thursday, July 30th. Finally, Raymond James Financial lifted their target price on shares of Camden National from $56.00 to $58.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $55.25.

Camden National Stock Performance

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 stock has a fifty day simple moving average of $55.27 and a two-hundred day simple moving average of $50.98. The firm has a market capitalization of $951.64 million, a P/E ratio of 10.79 and a beta of 0.55.

Camden National (NASDAQ:CAC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.29 by $0.06. The firm had revenue of $67.41 million for the quarter, compared to analysts' expectations of $66.41 million. Camden National had a return on equity of 12.59% and a net margin of 23.64%. On average, research analysts predict that Camden National Corporation will post 5.43 EPS for the current year.

Camden National Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Wednesday, July 15th. Camden National's dividend payout ratio (DPR) is presently 32.18%.

Hedge Funds Weigh In On Camden National

Several institutional investors have recently made changes to their positions in CAC. BlackRock Inc. acquired a new position in Camden National during the 2nd quarter worth approximately $96,659,000. Basswood Capital Management L.L.C. acquired a new stake in Camden National in the second quarter valued at approximately $13,430,000. The Manufacturers Life Insurance Company acquired a new stake in Camden National in the second quarter valued at approximately $12,693,000. Kimelman & Baird LLC bought a new stake in shares of Camden National during the second quarter valued at approximately $7,444,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Camden National during the second quarter valued at approximately $6,545,000. 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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