Camden National Corporation (NASDAQ:CAC) Stock Has Average Target Price of $56.50 According to Analysts

Key Points

• Analysts maintain a “Hold” consensus on Camden National, with four hold ratings and two buy ratings. The average 12-month price target is $56.50, ranging from recent targets of $55 to $60.
• Institutional investors and hedge funds own 77.41% of CAC shares, with BlackRock acquiring the largest newly reported position at approximately $96.7 million.
• Camden National exceeded quarterly expectations, reporting EPS of $1.35 versus $1.29 expected and revenue of $67.41 million. The company also declared a quarterly dividend of $0.42 per share, representing a 3.0% annualized yield.

Shares of Camden National Corporation (NASDAQ:CAC - Get Free Report) have earned a consensus recommendation of "Hold" from the six research firms that are covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $56.50.

Several analysts have recently weighed in on CAC shares. Keefe, Bruyette & Woods increased their price target on shares of Camden National from $50.00 to $55.00 and gave the company a "market perform" rating in a research note on Thursday, July 30th. Hovde Group began coverage on shares of Camden National in a research report on Tuesday, September 15th. They set a "hold" rating on the stock. Weiss Ratings raised shares of Camden National from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday. National Bank Financial set a $60.00 price objective on Camden National in a report on Tuesday, September 15th. Finally, Raymond James Financial increased their price objective on Camden National from $56.00 to $58.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st.

Institutional Trading of Camden National

A number of hedge funds and other institutional investors have recently modified their holdings of CAC. BlackRock Inc. acquired a new position in Camden National during the second quarter worth $96,659,000. Basswood Capital Management L.L.C. acquired a new stake in shares of Camden National in the second quarter valued at $13,430,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Camden National in the second quarter valued at $12,693,000. Kimelman & Baird LLC purchased a new stake in shares of Camden National in the 2nd quarter valued at $7,444,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Camden National in the 2nd quarter valued at $6,545,000. 77.41% of the stock is owned by institutional investors and hedge funds.

Camden National Trading Down 1.6%

Shares of CAC stock opened at $55.49 on Friday. The company's 50-day moving average price is $57.37 and its 200-day moving average price is $53.28. 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 cap of $937.78 million, a price-to-earnings ratio of 10.63 and a beta of 0.57. Camden National has a twelve month low of $35.00 and a twelve month high of $60.59.

Camden National (NASDAQ:CAC - Get Free Report) last announced its quarterly earnings data 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. Camden National had a net margin of 23.64% and a return on equity of 12.59%. The firm had revenue of $67.41 million during the quarter, compared to analyst estimates of $66.41 million. As a group, equities analysts predict that Camden National will post 5.36 earnings per share for the current year.

Camden National Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Thursday, October 15th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Thursday, October 15th. Camden National's dividend payout ratio is 32.18%.

About Camden National

Camden National Corporation is the bank holding company for Camden National Bank, a community banking institution headquartered in Camden, Maine. Founded in 1875, the company provides banking and financial services to individuals, families, businesses and municipal organizations.

Camden National Bank offers deposit accounts, consumer and commercial loans, residential mortgages, cash-management services and other traditional banking products. Through its wealth management operations, the company also provides investment management, trust, financial planning and related advisory services.

The company primarily serves customers across Maine through a network of banking offices, lending teams and digital banking services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.