Camden National Co. (NASDAQ:CAC) Sees Large Increase in Short Interest

Camden National Co. (NASDAQ:CAC - Get Free Report) was the target of a large increase in short interest in March. As of March 31st, there was short interest totalling 521,900 shares, an increase of 22.8% from the March 15th total of 424,900 shares. Based on an average daily volume of 89,100 shares, the short-interest ratio is presently 5.9 days. Currently, 3.6% of the shares of the company are sold short.

Camden National Price Performance

CAC traded down $0.55 on Friday, reaching $38.74. 61,591 shares of the company's stock were exchanged, compared to its average volume of 66,728. Camden National has a twelve month low of $30.11 and a twelve month high of $50.07. The stock has a market cap of $654.16 million, a PE ratio of 10.70 and a beta of 0.61. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.82 and a quick ratio of 0.82. The stock's fifty day moving average price is $40.26 and its 200-day moving average price is $42.97.

Camden National (NASDAQ:CAC - Get Free Report) last posted its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $0.89 by $0.14. Camden National had a return on equity of 10.38% and a net margin of 18.02%. During the same period in the previous year, the firm earned $0.85 earnings per share. Sell-side analysts expect that Camden National will post 4.25 EPS for the current year.

Camden National Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $1.68 annualized dividend and a yield of 4.34%. Camden National's payout ratio is 46.41%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CAC. Aquatic Capital Management LLC purchased a new position in shares of Camden National during the 4th quarter worth $44,000. Federated Hermes Inc. acquired a new stake in Camden National in the 4th quarter valued at approximately $46,000. Nisa Investment Advisors LLC raised its position in Camden National by 18,500.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,860 shares of the financial services provider's stock valued at $79,000 after purchasing an additional 1,850 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Camden National during the fourth quarter worth $103,000. Finally, Quantbot Technologies LP purchased a new position in shares of Camden National during the fourth quarter worth $106,000. 77.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on CAC shares. Keefe, Bruyette & Woods lifted their price objective on shares of Camden National from $48.00 to $50.00 and gave the company a "market perform" rating in a report on Wednesday, January 29th. Raymond James reissued an "outperform" rating and issued a $53.00 price objective (up from $50.00) on shares of Camden National in a report on Wednesday, January 29th. Finally, StockNews.com assumed coverage on shares of Camden National in a research note on Friday. They issued a "hold" rating on the 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.