Cambridge Bancorp (NASDAQ:CATC) Shares Gap Down to $87.40

Cambridge Bancorp (NASDAQ:CATC)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $87.40, but opened at $84.65. Cambridge Bancorp shares last traded at $86.52, with a volume of 2 shares changing hands.

Several equities analysts have commented on the company. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $93.50 price objective (down previously from $105.00) on shares of Cambridge Bancorp in a research report on Monday, July 19th. Zacks Investment Research downgraded Cambridge Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, September 21st. Finally, Janney Montgomery Scott assumed coverage on Cambridge Bancorp in a research report on Wednesday. They issued a “buy” rating on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $90.50.

The company has a 50-day simple moving average of $85.07 and a 200 day simple moving average of $84.86. The company has a market cap of $611.20 million, a P/E ratio of 11.37 and a beta of 0.53.

Cambridge Bancorp (NASDAQ:CATC) last posted its quarterly earnings results on Monday, July 19th. The bank reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.18. Cambridge Bancorp had a return on equity of 13.84% and a net margin of 29.51%. The business had revenue of $43.29 million for the quarter, compared to the consensus estimate of $42.13 million. Sell-side analysts predict that Cambridge Bancorp will post 7.4 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 19th. Stockholders of record on Thursday, August 5th were given a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Wednesday, August 4th. Cambridge Bancorp’s payout ratio is 35.36%.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Mascoma Wealth Management LLC bought a new position in shares of Cambridge Bancorp during the 3rd quarter worth $176,000. Morgan Stanley grew its position in shares of Cambridge Bancorp by 1.7% during the 2nd quarter. Morgan Stanley now owns 13,949 shares of the bank’s stock worth $1,157,000 after buying an additional 230 shares in the last quarter. Invesco Ltd. grew its position in shares of Cambridge Bancorp by 2.4% during the 2nd quarter. Invesco Ltd. now owns 7,482 shares of the bank’s stock worth $621,000 after buying an additional 177 shares in the last quarter. Metropolitan Life Insurance Co NY grew its position in shares of Cambridge Bancorp by 94,750.0% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 1,897 shares of the bank’s stock worth $157,000 after buying an additional 1,895 shares in the last quarter. Finally, Millennium Management LLC bought a new position in shares of Cambridge Bancorp during the 2nd quarter worth $903,000. 51.62% of the stock is currently owned by institutional investors and hedge funds.

Cambridge Bancorp Company Profile (NASDAQ:CATC)

Cambridge Bancorp is a holding company, which engages in the provision of private banking services. It focuses on the wealth management, commercial banking, residential lending, and personal banking services. The company was founded in 1983 and is headquartered in Cambridge, MA.

Featured Story: What does it mean to hold a stock in street name?

Receive News & Ratings for Cambridge Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cambridge Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.