Camden National (NASDAQ:CAC) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Camden National Corporation (NASDAQ:CAC)’s stock price crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $53.28 and traded as high as $56.47. Camden National shares last traded at $55.49, with a volume of 64,759 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Weiss Ratings raised Camden National from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday. Raymond James Financial upped their price target on Camden National from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Hovde Group started coverage on Camden National in a research note on Tuesday, September 15th. They issued a “hold” rating for the company. Keefe, Bruyette & Woods increased their price objective on Camden National from $50.00 to $55.00 and gave the stock a “market perform” rating in a research note on Thursday, July 30th. Finally, National Bank Financial set a $60.00 price objective on Camden National in a research report on Tuesday, September 15th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Camden National presently has a consensus rating of “Hold” and an average price target of $56.50.

Camden National Stock Performance

The firm’s fifty day moving average price is $57.37 and its 200 day moving average price is $53.28. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $937.78 million, a PE ratio of 10.63 and a beta of 0.57.

Camden National (NASDAQ:CAC) last posted 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. The business had revenue of $67.41 million for the quarter, compared to the consensus estimate of $66.41 million. Camden National had a net margin of 23.64% and a return on equity of 12.59%. On average, research analysts anticipate that Camden National Corporation will post 5.36 earnings per share for the current year.

Camden National Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Thursday, October 15th will be 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 is Thursday, October 15th. Camden National’s dividend payout ratio (DPR) is presently 32.18%.

Institutional Trading of Camden National

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Camden National during the 2nd quarter worth $96,659,000. Dimensional Fund Advisors LP boosted its holdings in Camden National by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 830,350 shares of the financial services provider’s stock worth $39,400,000 after purchasing an additional 8,205 shares in the last quarter. Basswood Capital Management L.L.C. bought a new stake in Camden National in the second quarter worth $13,430,000. The Manufacturers Life Insurance Company acquired a new position in Camden National during the second quarter worth $12,693,000. Finally, Kimelman & Baird LLC acquired a new position in Camden National during the second quarter worth $7,444,000. 77.41% of the stock is owned by institutional investors.

About Camden National

Camden National Corporation is the bank holding company for Camden National Bank, a community banking institution headquartered in Camden, Maine. Founded in 1875, the company provides banking and financial services to individuals, families, businesses and municipal organizations.

Camden National Bank offers deposit accounts, consumer and commercial loans, residential mortgages, cash-management services and other traditional banking products. Through its wealth management operations, the company also provides investment management, trust, financial planning and related advisory services.

The company primarily serves customers across Maine through a network of banking offices, lending teams and digital banking services.