Camden National (NASDAQ:CAC) Sets New 12-Month High Following Better-Than-Expected Earnings

Shares of Camden National Corporation (NASDAQ:CAC) hit a new 52-week high during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $56.36 and last traded at $55.8250, with a volume of 5947 shares. The stock had previously closed at $54.81.

The financial services provider reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.06. Camden National had a return on equity of 11.78% and a net margin of 21.32%.The firm had revenue of $67.41 million during the quarter, compared to the consensus estimate of $66.41 million.

Camden National Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Wednesday, July 15th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $1.68 dividend on an annualized basis and a yield of 3.0%. Camden National’s dividend payout ratio is presently 35.74%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Camden National in a research note on Tuesday, June 9th. Keefe, Bruyette & Woods upped their target price on shares of Camden National from $47.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, April 29th. National Bank Financial set a $50.00 price target on shares of Camden National in a report on Wednesday, April 29th. Finally, Raymond James Financial boosted their price objective on Camden National from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Camden National has a consensus rating of “Hold” and a consensus target price of $52.75.

Hedge Funds Weigh In On Camden National

A number of large investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its holdings 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 valued at $42,000 after purchasing an additional 452 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Camden National by 13,790.0% in the third quarter. Russell Investments Group Ltd. now owns 1,389 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 1,379 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of Camden National during the third quarter valued at approximately $58,000. Nisa Investment Advisors LLC boosted its position in shares of Camden National by 15,220.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,532 shares of the financial services provider’s stock valued at $66,000 after buying an additional 1,522 shares during the period. Finally, Kestra Advisory Services LLC bought a new position in shares of Camden National during the fourth quarter valued at approximately $92,000. 77.41% of the stock is owned by hedge funds and other institutional investors.

Camden National Stock Performance

The company has a debt-to-equity ratio of 0.09, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a fifty day moving average price of $52.29 and a two-hundred day moving average price of $49.39. The stock has a market capitalization of $946.17 million, a PE ratio of 11.90 and a beta of 0.55.

Camden National Company Profile

Camden National Corporation is a bank holding company headquartered in Camden, Maine. Through its primary subsidiary, Camden National Bank, the company provides a full range of community banking services to individuals and businesses. Its branch network spans much of the State of Maine, with a concentration in the midcoast, central and southern regions.

The company’s offerings include deposit products such as checking, savings and money market accounts, along with consumer and commercial lending services.