Camden National (NASDAQ:CAC) Sets New 52-Week High - Here's Why

Key Points

• Camden National shares reached a new 52-week high, trading near $59.55 and rising 3.3%, following stronger-than-expected quarterly results.
• The company reported quarterly EPS of $1.35, beating estimates of $1.29, while revenue of $67.41 million also exceeded expectations.
• Analysts maintain a consensus “Hold” rating with a $55.25 target price, while Camden National continues to pay a quarterly dividend of $0.42, representing a 2.8% yield.

Camden National Corporation (NASDAQ:CAC - Get Free Report) shares reached a new 52-week high on Monday . The company traded as high as $59.50 and last traded at $59.55, with a volume of 53771 shares trading hands. The stock had previously closed at $57.89.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. National Bank Financial set a $55.00 price target on shares of Camden National in a research report on Thursday. Weiss Ratings reissued a "buy (b)" rating on shares of Camden National in a report on Tuesday, June 9th. Raymond James Financial raised their price objective on shares of Camden National from $56.00 to $58.00 and gave the company an "outperform" rating in a research report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods lifted 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 note on Thursday. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $55.25.

Camden National Trading Up 3.3%

The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.09. The firm has a market cap of $1.01 billion, a PE ratio of 11.45 and a beta of 0.55. The company's 50-day moving average is $53.01 and its 200 day moving average is $49.77.

Camden National (NASDAQ:CAC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.06. Camden National had a net margin of 23.64% and a return on equity of 12.73%. The firm had revenue of $67.41 million for the quarter, compared to analysts' expectations of $66.41 million. As a group, sell-side analysts predict that Camden National Corporation will post 5.43 EPS for the current year.

Camden National Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.8%. The ex-dividend date was Wednesday, July 15th. Camden National's dividend payout ratio is currently 32.18%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its holdings in shares of Camden National by 106.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 878 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 452 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Camden National by 13,790.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,389 shares of the financial services provider's stock valued at $54,000 after buying an additional 1,379 shares during the last quarter. Advisory Services Network LLC bought a new position in Camden National during the third quarter worth $58,000. Nisa Investment Advisors LLC raised its position in shares of Camden National by 15,220.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,532 shares of the financial services provider's stock valued at $66,000 after buying an additional 1,522 shares during the last quarter. Finally, Parallel Advisors LLC raised its holdings in Camden National by 114.5% in the 1st quarter. Parallel Advisors LLC now owns 1,950 shares of the financial services provider's stock valued at $93,000 after acquiring an additional 1,041 shares in the last quarter. 77.41% of the stock is owned by institutional investors and hedge funds.

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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