Camden National (NASDAQ:CAC) Shares Pass Above Two Hundred Day Moving Average - What's Next?

Key Points

• Camden National shares rose above their 200-day moving average of $50.76, reaching $59.15 and last trading at $58.38.
• Analysts raised several price targets, but the stock retains a consensus “Hold” rating with an average target price of $55.25.
• The company exceeded quarterly earnings and revenue expectations, reporting EPS of $1.35 and revenue of $67.41 million, while maintaining a quarterly dividend of $0.42 per share.

Camden National Corporation (NASDAQ:CAC - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $50.76 and traded as high as $59.15. Camden National shares last traded at $58.38, with a volume of 107,249 shares traded.

Analysts Set New Price Targets

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

Camden National Stock Performance

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 stock has a market capitalization of $986.62 million, a PE ratio of 11.18 and a beta of 0.55. The firm's 50-day simple moving average is $54.93 and its two-hundred day simple moving average is $50.76.

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

Camden National Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Wednesday, July 15th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Wednesday, July 15th. Camden National's payout ratio is presently 32.18%.

Institutional Investors Weigh In On Camden National

Hedge funds have recently bought and sold shares of the business. Bank of America Corp DE purchased a new position in Camden National during the 2nd quarter valued at about $1,709,000. Basswood Capital Management L.L.C. acquired a new position in shares of Camden National in the 2nd quarter valued at about $13,430,000. Odyssean LLC purchased a new stake in shares of Camden National in the second quarter worth approximately $244,000. First Bancorp Inc ME purchased a new stake in shares of Camden National in the second quarter worth approximately $135,000. Finally, Jupiter Topco LLC acquired a new stake in shares of Camden National during the second quarter worth approximately $353,000. 77.41% of the stock is owned by hedge funds and other institutional investors.

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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