Camden National (NASDAQ:CAC) Announces Earnings Results

Camden National (NASDAQ:CAC) issued its quarterly earnings data on Tuesday. The financial services provider reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.06, FiscalAI reports. 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 analyst estimates of $66.41 million.

Camden National Trading Down 0.1%

NASDAQ:CAC opened at $54.57 on Tuesday. The company has a market cap of $923.32 million, a PE ratio of 11.61 and a beta of 0.55. The business’s 50 day moving average is $52.29 and its two-hundred day moving average is $49.39. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.09. Camden National has a 52 week low of $35.00 and a 52 week high of $56.22.

Camden National Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, July 15th. Camden National’s dividend payout ratio (DPR) is currently 35.74%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. National Bank Financial set a $50.00 target price on Camden National in a research report on Wednesday, April 29th. Weiss Ratings reissued a “buy (b)” rating on shares of Camden National in a research report on Tuesday, June 9th. Raymond James Financial lifted 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 upped their price target on shares of Camden National from $47.00 to $50.00 and gave the company a “market perform” rating in a report on Wednesday, April 29th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Camden National currently has an average rating of “Hold” and an average price target of $52.75.

Hedge Funds Weigh In On Camden National

Several large investors have recently added to or reduced their stakes in CAC. Russell Investments Group Ltd. increased its stake in Camden National by 13,790.0% during the third quarter. Russell Investments Group Ltd. now owns 1,389 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 1,379 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Camden National in the 3rd quarter worth about $58,000. Kestra Advisory Services LLC acquired a new position in shares of Camden National in the 4th quarter valued at about $92,000. Aquatic Capital Management LLC boosted its holdings in shares of Camden National by 33.5% in the 3rd quarter. Aquatic Capital Management LLC now owns 3,153 shares of the financial services provider’s stock valued at $122,000 after buying an additional 791 shares during the period. Finally, Quantbot Technologies LP grew its position in shares of Camden National by 45.7% during the 2nd quarter. Quantbot Technologies LP now owns 3,167 shares of the financial services provider’s stock valued at $129,000 after buying an additional 993 shares during the last quarter. 77.41% of the stock is currently owned by institutional investors.

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.