Camden National Corporation (NASDAQ:CAC) Given Average Recommendation of “Hold” by Analysts

Shares of Camden National Corporation (NASDAQ:CAC) have received an average recommendation of “Hold” from the six research firms that are currently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $52.75.

Several equities analysts have commented on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Camden National in a report on Tuesday, June 9th. Keefe, Bruyette & Woods upped their price target on shares of Camden National from $47.00 to $50.00 and gave the stock a “market perform” rating in a report on Wednesday, April 29th. National Bank Financial set a $50.00 price target on shares of Camden National in a research report on Wednesday, April 29th. Finally, Raymond James Financial lifted their price objective on shares of Camden National from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st.

Institutional Trading of Camden National

Several institutional investors and hedge funds have recently modified their holdings of the business. Franklin Resources Inc. grew its position in Camden National by 7.8% in the third quarter. Franklin Resources Inc. now owns 1,559,400 shares of the financial services provider’s stock valued at $60,177,000 after acquiring an additional 113,221 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Camden National by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 830,350 shares of the financial services provider’s stock valued at $39,400,000 after purchasing an additional 8,205 shares during the last quarter. State Street Corp grew its holdings in shares of Camden National by 0.4% during the 4th quarter. State Street Corp now owns 475,268 shares of the financial services provider’s stock valued at $20,617,000 after purchasing an additional 1,852 shares during the last quarter. Wellington Management Group LLP increased its position in Camden National by 70.4% during the 4th quarter. Wellington Management Group LLP now owns 220,382 shares of the financial services provider’s stock worth $9,560,000 after purchasing an additional 91,018 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Camden National by 98.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 120,062 shares of the financial services provider’s stock worth $5,208,000 after purchasing an additional 59,479 shares in the last quarter. 77.41% of the stock is currently owned by institutional investors.

Key Headlines Impacting Camden National

Here are the key news stories impacting Camden National this week:

• Positive Sentiment: Record earnings and estimates beat: Camden National reported quarterly net income of $23.0 million and diluted EPS of $1.35, up from $0.89 a year earlier and ahead of consensus estimates of approximately $1.29-$1.30. Revenue reached $67.41 million, exceeding the $66.41 million estimate. Camden National Q2 earnings release
• Positive Sentiment: Improving profitability: Return on average assets was 1.33%, return on average equity was 12.92%, and return on average tangible equity reached 18.47%. First-half net income more than doubled to $44.9 million, versus $21.4 million in the prior-year period. Camden National record Q2 net income
• Positive Sentiment: Healthy core banking trends: Management highlighted loan growth, expansion of the 3.26% net interest margin and a 21% increase in non-interest income, suggesting stronger spread income and greater fee-income diversification. Total assets were $7.0 billion, including $5.0 billion of loans and $5.6 billion of deposits. Camden National Q2 earnings call highlights
• Positive Sentiment: Shareholder returns: Camden National declared a $0.42-per-share cash dividend and repurchased 52,000 shares during the quarter at an average price of $47.64, providing additional support for per-share value. Camden National shareholder returns

Camden National Stock Performance

CAC opened at $58.47 on Thursday. The firm has a market cap of $989.02 million, a P/E ratio of 11.20 and a beta of 0.55. Camden National has a 52-week low of $35.00 and a 52-week high of $59.31. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.82 and a current ratio of 0.82. The business’s fifty day moving average is $52.67 and its 200-day moving average is $49.58.

Camden National (NASDAQ:CAC) last posted its quarterly earnings results on Tuesday, July 28th. 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 12.73% and a net margin of 23.64%.The business had revenue of $67.41 million during the quarter, compared to the consensus estimate of $66.41 million. Sell-side analysts expect that Camden National will post 5.37 EPS for the current fiscal year.

Camden National Dividend Announcement

The firm 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 $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, July 15th. Camden National’s dividend payout ratio (DPR) is currently 32.18%.

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.