Camden National (NASDAQ:CAC) Share Price Crosses Above Two Hundred Day Moving Average – What’s Next?

Shares of Camden National Corporation (NASDAQ:CAC) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $45.09 and traded as high as $49.97. Camden National shares last traded at $49.11, with a volume of 126,093 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CAC shares. Raymond James Financial reiterated an “outperform” rating and issued a $56.00 target price on shares of Camden National in a research note on Wednesday, April 29th. Keefe, Bruyette & Woods boosted 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 note on Wednesday, April 29th. Stephens reiterated an “equal weight” rating and issued a $53.00 target price on shares of Camden National in a research note on Thursday, February 5th. National Bank Financial set a $50.00 target price on shares of Camden National in a research note on Wednesday, April 29th. Finally, Weiss Ratings upgraded shares of Camden National from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, February 19th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $52.25.

Camden National Stock Performance

The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.81. The firm’s 50 day moving average is $47.97 and its 200-day moving average is $45.09. The stock has a market capitalization of $833.89 million, a price-to-earnings ratio of 10.45 and a beta of 0.56.

Camden National (NASDAQ:CAC) last posted its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.03. The company had revenue of $64.34 million during the quarter, compared to analysts’ expectations of $65.57 million. Camden National had a net margin of 21.32% and a return on equity of 11.94%. Analysts forecast that Camden National Corporation will post 5.43 earnings per share for the current fiscal year.

Camden National Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Wednesday, April 15th were given a dividend of $0.42 per share. The ex-dividend date was Wednesday, April 15th. This represents a $1.68 dividend on an annualized basis and a yield of 3.4%. Camden National’s dividend payout ratio is currently 35.74%.

Hedge Funds Weigh In On Camden National

A number of large investors have recently added to or reduced their stakes in CAC. AQR Capital Management LLC raised its position in Camden National by 151.1% during the first quarter. AQR Capital Management LLC now owns 24,455 shares of the financial services provider’s stock worth $990,000 after acquiring an additional 14,715 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Camden National by 20.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,925 shares of the financial services provider’s stock valued at $402,000 after buying an additional 1,661 shares during the last quarter. Empowered Funds LLC raised its position in shares of Camden National by 8.4% in the first quarter. Empowered Funds LLC now owns 43,043 shares of the financial services provider’s stock valued at $1,742,000 after buying an additional 3,318 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Camden National in the first quarter valued at about $1,019,000. Finally, Legal & General Group Plc raised its position in shares of Camden National by 8.5% in the second quarter. Legal & General Group Plc now owns 18,178 shares of the financial services provider’s stock valued at $738,000 after buying an additional 1,423 shares during the last quarter. 77.41% of the stock is currently owned by institutional investors and hedge funds.

About Camden National

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.