Camden National (NASDAQ:CAC) Share Price Passes Above 200 Day Moving Average – Here’s What Happened

Camden National Corporation (NASDAQ:CAC)’s share price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $50.76 and traded as high as $59.15. Camden National shares last traded at $58.38, with a volume of 107,249 shares trading hands.

Wall Street Analyst Weigh In

CAC has been the subject of several recent research reports. Keefe, Bruyette & Woods lifted their price objective on Camden National from $50.00 to $55.00 and gave the company a “market perform” rating in a report on Thursday, July 30th. National Bank Financial set a $55.00 target price on shares of Camden National in a research report on Thursday, July 30th. Raymond James Financial raised their target price on shares of Camden National from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Camden National in a report on Tuesday, June 9th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $55.25.

Camden National Stock Performance

The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $956.20 million, a PE ratio of 10.89 and a beta of 0.55. The business has a 50 day simple moving average of $55.07 and a 200 day simple moving average of $50.85.

Camden National (NASDAQ:CAC) last issued its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.06. Camden National had a return on equity of 12.59% and a net margin of 23.64%.The business had revenue of $67.41 million for the quarter, compared to analyst estimates of $66.41 million. Equities research analysts predict that Camden National Corporation will post 5.43 EPS for the current fiscal year.

Camden National Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Wednesday, July 15th. Camden National’s payout ratio is currently 32.18%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CAC. Empowered Funds LLC grew its stake in Camden National by 322.3% during the 1st quarter. Empowered Funds LLC now owns 69,644 shares of the financial services provider’s stock valued at $3,305,000 after purchasing an additional 53,154 shares during the last quarter. Dean Capital Management increased its holdings in shares of Camden National by 57.7% in the first quarter. Dean Capital Management now owns 61,881 shares of the financial services provider’s stock valued at $2,936,000 after purchasing an additional 22,630 shares during the period. UBS Group AG raised its stake in shares of Camden National by 47.2% in the fourth quarter. UBS Group AG now owns 58,395 shares of the financial services provider’s stock worth $2,533,000 after purchasing an additional 18,722 shares during the last quarter. Sheets Smith Wealth Management purchased a new position in shares of Camden National in the first quarter worth about $679,000. Finally, Globeflex Capital L P lifted its holdings in shares of Camden National by 35.5% during the first quarter. Globeflex Capital L P now owns 39,232 shares of the financial services provider’s stock worth $1,862,000 after purchasing an additional 10,284 shares during the period. Institutional investors and hedge funds own 77.41% of the company’s stock.

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.