Camden National (NASDAQ:CAC) Shares Pass Above 200-Day Moving Average - Here's Why

Key Points

• Camden National shares moved above their 200-day moving average, reaching $58.06 before closing at $56.86, compared with the 200-day average of $52.34.
• Analyst sentiment remains cautious: two analysts rate the stock Buy and four rate it Hold, producing a consensus Hold rating and a $56.50 target price.
• The company exceeded quarterly expectations, reporting $1.35 in EPS versus a $1.29 estimate and $67.41 million in revenue versus $66.41 million expected. Camden National also pays a quarterly dividend of $0.42 per share, representing a 3.0% yield.

Shares of Camden National Corporation (NASDAQ:CAC - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $52.34 and traded as high as $58.06. Camden National shares last traded at $56.86, with a volume of 120,629 shares.

Analyst Ratings Changes

Several research firms have recently issued reports on CAC. Hovde Group assumed coverage on shares of Camden National in a research report on Tuesday, September 15th. They set a "hold" rating on the stock. National Bank Financial set a $60.00 target price on shares of Camden National in a research note on Tuesday, September 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of Camden National in a report on Friday, September 4th. Raymond James Financial boosted their price target on shares of Camden National from $56.00 to $58.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods increased their price objective 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. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $56.50.

Camden National Price Performance

The firm's 50-day moving average price is $57.08 and its 200-day moving average price is $52.34. 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 $960.93 million, a PE ratio of 10.89 and a beta of 0.54.

Camden National (NASDAQ:CAC - Get Free Report) last issued 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. The business had revenue of $67.41 million for the quarter, compared to the consensus estimate of $66.41 million. Camden National had a return on equity of 12.59% and a net margin of 23.64%. On average, equities analysts forecast that Camden National Corporation will post 5.43 EPS for the current fiscal year.

Camden National Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Wednesday, July 15th. Camden National's payout ratio is presently 32.18%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CAC. Clearstead Trust LLC purchased a new stake in shares of Camden National during the second quarter worth about $29,000. PNC Financial Services Group Inc. grew its position in 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 worth $42,000 after purchasing an additional 452 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Camden National during the 2nd quarter worth approximately $67,000. Trust Co. of Vermont acquired a new position in Camden National during the 2nd quarter valued at approximately $90,000. Finally, Parallel Advisors LLC raised its holdings in shares of Camden National by 114.5% in the first quarter. Parallel Advisors LLC now owns 1,950 shares of the financial services provider's stock worth $93,000 after buying an additional 1,041 shares during the last quarter. Institutional investors own 77.41% of the company's stock.

About Camden National

Camden National Corporation NASDAQ: CAC is a bank holding company headquartered in Camden, Maine. Its principal subsidiary, Camden National Bank, provides banking and financial services to individuals, families, businesses, nonprofit organizations and municipalities across Maine.

The bank offers deposit accounts, residential and commercial lending, home equity loans, consumer loans, cash-management services, online and mobile banking, and other financial products. Through its wealth-management operations, Camden National also provides investment management, trust, retirement planning and related advisory services.

Camden National traces its history to 1875 and has grown into a community-focused banking organization serving customers through a network of locations throughout Maine.

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