Camden National (NASDAQ:CAC) Hits New 1-Year High – Here’s Why

Camden National Corporation (NASDAQ:CAC)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $59.50 and last traded at $59.55, with a volume of 53771 shares traded. The stock had previously closed at $57.89.

Analyst Upgrades and Downgrades

CAC has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Camden National in a research report on Tuesday, June 9th. Keefe, Bruyette & Woods upped their price objective on shares of Camden National from $50.00 to $55.00 and gave the company a “market perform” rating in a research note on Thursday, July 30th. National Bank Financial set a $55.00 target price on shares of Camden National in a report on Thursday, July 30th. Finally, Raymond James Financial upped their price target 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. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Camden National has an average rating of “Hold” and a consensus price target of $55.25.

Camden National Stock Performance

The firm’s fifty day moving average is $53.40 and its 200 day moving average is $49.98. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 11.42 and a beta of 0.55. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.82 and a quick ratio of 0.82.

Camden National (NASDAQ:CAC) last released its earnings results on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.06. Camden National had a net margin of 23.64% and a return on equity of 12.73%. The company had revenue of $67.41 million during the quarter, compared to the consensus estimate of $66.41 million. On average, analysts predict that Camden National Corporation will post 5.43 EPS for the current fiscal year.

Camden National Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Wednesday, July 15th were issued a $0.42 dividend. The ex-dividend date was Wednesday, July 15th. This represents a $1.68 dividend on an annualized basis and a yield of 2.8%. Camden National’s dividend payout ratio is currently 32.18%.

Institutional Trading of Camden National

A number of institutional investors have recently added to or reduced their stakes in CAC. AQR Capital Management LLC lifted its stake in shares of Camden National by 151.1% in the 1st quarter. AQR Capital Management LLC now owns 24,455 shares of the financial services provider’s stock valued at $990,000 after purchasing an additional 14,715 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 worth $402,000 after buying an additional 1,661 shares during the last quarter. Empowered Funds LLC lifted 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 worth $1,742,000 after buying an additional 3,318 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Camden National during the 1st quarter worth about $1,019,000. Finally, Legal & General Group Plc increased its holdings in shares of Camden National by 8.5% during the 2nd quarter. Legal & General Group Plc now owns 18,178 shares of the financial services provider’s stock valued at $738,000 after acquiring 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.