Camden National (NASDAQ:CAC) Reaches New 12-Month High – Should You Buy?

Camden National Corporation (NASDAQ:CAC)’s share price hit a new 52-week high during mid-day trading on Thursday. The company traded as high as $61.00 and last traded at $60.4890, with a volume of 6,934 shares changing hands. The stock had previously closed at $59.56.

Wall Street Analyst Weigh In

CAC has been the topic of a number of research analyst reports. Weiss Ratings upgraded Camden National from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. National Bank Financial set a $58.00 price target on shares of Camden National in a report on Wednesday, October 28th. Hovde Group assumed coverage on Camden National in a research note on Tuesday, September 15th. They set a “hold” rating for the company. Zacks Research lowered shares of Camden National from a “hold” rating to a “strong sell” rating in a report on Friday, October 30th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Camden National from $50.00 to $55.00 and gave the stock a “market perform” rating in a report on Thursday, July 30th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Camden National currently has a consensus rating of “Hold” and an average price target of $56.00.

Camden National Trading Up 0.2%

The company has a debt-to-equity ratio of 0.09, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $980.54 million, a P/E ratio of 10.93 and a beta of 0.58. The firm’s 50 day moving average price is $57.14 and its 200 day moving average price is $52.50.

Camden National (NASDAQ:CAC) last announced its earnings results on Tuesday, October 27th. The financial services provider reported $1.34 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.34. The company had revenue of $68.67 million for the quarter, compared to analyst estimates of $67.91 million. Camden National had a return on equity of 12.71% and a net margin of 24.16%. As a group, equities research analysts expect that Camden National Corporation will post 5.33 earnings per share for the current fiscal year.

Camden National Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Thursday, October 15th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Thursday, October 15th. Camden National’s dividend payout ratio is currently 31.64%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Clearstead Trust LLC acquired a new position in shares of Camden National in the second quarter worth about $29,000. PNC Financial Services Group Inc. grew its stake in Camden National by 106.1% during the first quarter. PNC Financial Services Group Inc. now owns 878 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 452 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Camden National in the second quarter worth $67,000. Trust Co. of Vermont bought a new stake in shares of Camden National in the 2nd quarter worth about $90,000. Finally, Parallel Advisors LLC increased its stake in shares of Camden National by 114.5% in the 1st quarter. Parallel Advisors LLC now owns 1,950 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 1,041 shares in the last quarter. 77.41% of the stock is currently owned by institutional investors and hedge funds.

About Camden National

Camden National Corporation (NASDAQ:CAC) is a bank holding company headquartered in Camden, Maine. Through its principal subsidiary, Camden National Bank, the company provides banking and financial services to individuals, families, businesses and municipalities primarily across Maine.

Camden National Bank offers deposit accounts, residential and commercial real estate loans, consumer lending, business financing, cash-management services and digital banking. Its offerings also include wealth management, trust and investment services designed to support customers with financial planning and asset management needs.

Founded in 1875, Camden National has developed a community-banking model supported by branches and banking offices throughout Maine.