Camden National (NASDAQ:CAC) Raised to Hold at Zacks Research

Key Points

• Camden National was upgraded to a "hold" rating by Zacks Research, reflecting a shift in analyst sentiment towards the stock.
• The company has an average target price of $48.00 and operates with a market capitalization of $667.32 million.
• Camden National reported earnings of $0.89 EPS for the last quarter, missing the consensus estimate by $0.23, although revenue exceeded expectations with $69.82 million.

Camden National (NASDAQ:CAC - Get Free Report) was upgraded by analysts at Zacks Research to a "hold" rating in a note issued to investors on Tuesday, August 12th,Zacks.com reports.

Several other brokerages have also recently weighed in on CAC. Wall Street Zen began coverage on shares of Camden National in a research note on Monday, May 19th. They set a "hold" rating for the company. Stephens raised Camden National from an "equal weight" rating to an "overweight" rating and lowered their price target for the stock from $49.00 to $44.00 in a research report on Wednesday, August 6th. Finally, Keefe, Bruyette & Woods cut their price objective on Camden National from $48.00 to $47.00 and set a "market perform" rating for the company in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Camden National presently has an average rating of "Moderate Buy" and a consensus target price of $48.00.

Camden National Stock Down 0.1%

CAC traded down $0.0350 during trading on Tuesday, hitting $38.7050. The company had a trading volume of 15,790 shares, compared to its average volume of 76,884. The company has a market capitalization of $654.89 million, a PE ratio of 12.23 and a beta of 0.66. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.09. Camden National has a one year low of $34.53 and a one year high of $50.07. The firm's 50-day moving average price is $40.13 and its 200 day moving average price is $40.52.

Camden National (NASDAQ:CAC - Get Free Report) last released its earnings results on Tuesday, July 29th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.12 by ($0.23). Camden National had a return on equity of 10.19% and a net margin of 14.77%.The firm had revenue of $69.82 million for the quarter, compared to the consensus estimate of $61.04 million. As a group, equities analysts expect that Camden National will post 4.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Rafferty Asset Management LLC raised its holdings in Camden National by 9.0% during the second quarter. Rafferty Asset Management LLC now owns 12,200 shares of the financial services provider's stock worth $495,000 after buying an additional 1,003 shares during the last quarter. Lazard Asset Management LLC bought a new stake in shares of Camden National during the 2nd quarter valued at $136,000. BNP Paribas Financial Markets lifted its stake in Camden National by 408.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 6,242 shares of the financial services provider's stock worth $253,000 after purchasing an additional 5,014 shares in the last quarter. Bridgeway Capital Management LLC boosted its stake in Camden National by 5.0% during the second quarter. Bridgeway Capital Management LLC now owns 86,290 shares of the financial services provider's stock valued at $3,502,000 after buying an additional 4,147 shares during the period. Finally, Bank of America Corp DE lifted its position in Camden National by 13.1% during the second quarter. Bank of America Corp DE now owns 22,751 shares of the financial services provider's stock valued at $923,000 after purchasing an additional 2,635 shares during the last quarter. Institutional investors and hedge funds own 77.41% of the company's stock.

Camden National Company Profile

Camden National Corporation operates as the bank holding company for Camden National Bank that provides various commercial and consumer banking products and services for consumer, institutional, municipal, non-profit, and commercial customers in Maine, New Hampshire, and Massachusetts. The company accepts checking, savings, time, and brokered deposits, as well as deposits with the certificate of deposit account registry system.