Brokerages Anticipate Camden National Co. (NASDAQ:CAC) Will Announce Quarterly Sales of $47.02 Million

Wall Street analysts expect Camden National Co. (NASDAQ:CAC) to announce $47.02 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Camden National’s earnings. The lowest sales estimate is $46.24 million and the highest is $47.80 million. Camden National reported sales of $46.60 million in the same quarter last year, which would suggest a positive year over year growth rate of 0.9%. The business is scheduled to issue its next earnings results before the market opens on Tuesday, July 27th.

According to Zacks, analysts expect that Camden National will report full year sales of $186.22 million for the current financial year, with estimates ranging from $182.13 million to $190.30 million. For the next year, analysts expect that the company will post sales of $184.81 million, with estimates ranging from $176.92 million to $192.70 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Camden National.

Camden National (NASDAQ:CAC) last posted its earnings results on Monday, April 26th. The financial services provider reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.30. Camden National had a return on equity of 12.63% and a net margin of 31.81%. The company had revenue of $47.58 million during the quarter, compared to the consensus estimate of $45.83 million.

CAC has been the topic of a number of recent analyst reports. Raymond James raised their price target on Camden National from $45.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 28th. Stephens initiated coverage on Camden National in a research report on Monday, June 21st. They issued an “overweight” rating and a $54.00 price target on the stock. Finally, Zacks Investment Research cut Camden National from a “buy” rating to a “hold” rating in a research report on Tuesday, June 29th.

Shares of CAC traded down $0.73 during midday trading on Monday, reaching $44.59. 223 shares of the stock were exchanged, compared to its average volume of 53,950. Camden National has a twelve month low of $28.32 and a twelve month high of $49.65. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $666.17 million, a P/E ratio of 10.21 and a beta of 1.00. The firm has a 50 day moving average of $47.15.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 30th. Shareholders of record on Thursday, July 15th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Wednesday, July 14th. Camden National’s dividend payout ratio is presently 36.46%.

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in shares of Camden National by 7.5% during the first quarter. BlackRock Inc. now owns 1,341,143 shares of the financial services provider’s stock valued at $64,185,000 after purchasing an additional 94,038 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Camden National by 9.1% during the first quarter. Geode Capital Management LLC now owns 259,633 shares of the financial services provider’s stock valued at $12,426,000 after purchasing an additional 21,643 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Camden National by 5.5% during the first quarter. The Manufacturers Life Insurance Company now owns 214,301 shares of the financial services provider’s stock valued at $10,256,000 after purchasing an additional 11,183 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Camden National by 31.9% during the first quarter. JPMorgan Chase & Co. now owns 206,627 shares of the financial services provider’s stock valued at $9,889,000 after purchasing an additional 49,942 shares in the last quarter. Finally, Walthausen & Co. LLC boosted its stake in shares of Camden National by 9.2% during the first quarter. Walthausen & Co. LLC now owns 159,061 shares of the financial services provider’s stock valued at $7,613,000 after purchasing an additional 13,390 shares in the last quarter. Hedge funds and other institutional investors own 65.54% of the company’s stock.

About Camden National

Camden National Corporation operates as the bank holding company for Camden National Bank that provides commercial and consumer banking products and services to consumer, institutional, municipal, non-profit, and commercial customers. The company accepts checking, savings, time, and brokered deposits, as well as certificates of deposit.

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