Camden National (NASDAQ:CAC) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Camden National shares rose above their 200-day moving average of $53.28, reaching $56.47 before closing at $55.49.
• Analysts maintain a consensus “Hold” rating with an average price target of $56.50, although some firms raised their targets and Raymond James rated the stock “outperform.”
• The company exceeded quarterly earnings and revenue estimates and announced a $0.42 quarterly dividend, equivalent to a 3.0% annual yield; institutional investors own 77.41% of its shares.

Camden National Corporation (NASDAQ:CAC - Get Free Report) shares crossed above its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $53.28 and traded as high as $56.47. Camden National shares last traded at $55.49, with a volume of 64,759 shares.

Analyst Ratings Changes

Several analysts recently commented on CAC shares. National Bank Financial set a $60.00 price target on shares of Camden National in a research report on Tuesday, September 15th. Raymond James Financial raised their price objective on shares of Camden National from $56.00 to $58.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Weiss Ratings upgraded shares of Camden National from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday. Keefe, Bruyette & Woods upped their target price on shares of Camden National from $50.00 to $55.00 and gave the company a "market perform" rating in a report on Thursday, July 30th. Finally, Hovde Group assumed coverage on shares of Camden National in a research note on Tuesday, September 15th. They set a "hold" rating for the company. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $56.50.

Camden National Stock Performance

The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.09. The stock has a fifty day moving average price of $57.37 and a 200-day moving average price of $53.28. The firm has a market cap of $937.78 million, a price-to-earnings ratio of 10.63 and a beta of 0.57.

Camden National (NASDAQ:CAC - Get Free Report) last issued its quarterly earnings results 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 return on equity of 12.59% and a net margin of 23.64%. The firm had revenue of $67.41 million during the quarter, compared to the consensus estimate of $66.41 million. On average, analysts expect that Camden National Corporation will post 5.36 earnings per share for the current fiscal year.

Camden National Announces Dividend

The company also recently announced 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 is Thursday, October 15th. Camden National's dividend payout ratio (DPR) is 32.18%.

Institutional Trading of Camden National

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Camden National in the second quarter valued at about $96,659,000. Basswood Capital Management L.L.C. acquired a new position in Camden National during the 2nd quarter worth approximately $13,430,000. The Manufacturers Life Insurance Company acquired a new position in Camden National during the 2nd quarter worth approximately $12,693,000. Kimelman & Baird LLC acquired a new position in Camden National during the 2nd quarter worth approximately $7,444,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Camden National during the 2nd quarter worth approximately $6,545,000. Hedge funds and other institutional investors own 77.41% of the company's stock.

Camden National Company Profile

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.

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