Camden National (NASDAQ:CAC) Sets New 12-Month High Following Better-Than-Expected Earnings

Key Points

• Camden National shares reached a new 52-week high of $56.36 after the company reported quarterly earnings of $1.35 per share, exceeding estimates by $0.06, while revenue also topped expectations at $67.41 million.
• The company declared a quarterly dividend of $0.42 per share, equating to $1.68 annually and a 3.0% yield, with a payout ratio of 35.74%.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and average price target of $52.75, while institutional investors own 77.41% of the stock.

Shares of Camden National Corporation (NASDAQ:CAC - Get Free Report) hit a new 52-week high on Tuesday following a better than expected earnings announcement. The stock traded as high as $56.36 and last traded at $55.8250, with a volume of 5947 shares trading hands. The stock had previously closed at $54.81.

The financial services provider reported $1.35 EPS for the quarter, beating 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 net margin of 21.32% and a return on equity of 11.78%.

Camden National Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, July 15th. Camden National's payout ratio is 35.74%.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Camden National

Institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC increased its holdings in Camden National by 151.1% in the 1st quarter. AQR Capital Management LLC now owns 24,455 shares of the financial services provider's stock valued at $990,000 after acquiring an additional 14,715 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Camden National by 20.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,925 shares of the financial services provider's stock worth $402,000 after purchasing an additional 1,661 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Camden National by 8.4% in the first quarter. Empowered Funds LLC now owns 43,043 shares of the financial services provider's stock worth $1,742,000 after purchasing an additional 3,318 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Camden National in the first quarter worth about $1,019,000. Finally, Legal & General Group Plc lifted its position in shares of Camden National by 8.5% in the second quarter. Legal & General Group Plc now owns 18,178 shares of the financial services provider's stock worth $738,000 after buying an additional 1,423 shares in the last quarter. 77.41% of the stock is owned by hedge funds and other institutional investors.

Camden National Stock Performance

The business has a 50 day moving average of $52.29 and a 200 day moving average of $49.39. The company has a market capitalization of $946.17 million, a P/E ratio of 11.90 and a beta of 0.55. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.09.

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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