Camden National (NASDAQ:CAC) Hits New 1-Year High Following Strong Earnings

Camden National Corporation (NASDAQ:CAC)’s share price hit a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $48.40 and last traded at $47.8610, with a volume of 8256 shares changing hands. The stock had previously closed at $47.19.

The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.01. Camden National had a net margin of 16.24% and a return on equity of 10.76%.

Camden National Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Thursday, January 15th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Thursday, January 15th. Camden National’s dividend payout ratio is presently 47.86%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CAC shares. Janney Montgomery Scott raised Camden National to a “hold” rating in a research report on Wednesday, October 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Camden National in a research report on Monday, December 29th. Keefe, Bruyette & Woods raised their price target on Camden National from $44.00 to $45.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 29th. Finally, National Bankshares set a $45.00 price target on Camden National in a research note on Wednesday, October 29th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $46.75.

Institutional Investors Weigh In On Camden National

A number of hedge funds have recently made changes to their positions in CAC. Police & Firemen s Retirement System of New Jersey lifted its stake in Camden National by 9.6% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 3,825 shares of the financial services provider’s stock valued at $155,000 after purchasing an additional 335 shares during the last quarter. Quantbot Technologies LP increased its holdings in shares of Camden National by 11.9% during the third quarter. Quantbot Technologies LP now owns 3,545 shares of the financial services provider’s stock worth $137,000 after buying an additional 378 shares in the last quarter. Bryn Mawr Trust Advisors LLC lifted its stake in shares of Camden National by 6.7% in the 2nd quarter. Bryn Mawr Trust Advisors LLC now owns 6,161 shares of the financial services provider’s stock valued at $250,000 after acquiring an additional 386 shares during the last quarter. Intech Investment Management LLC boosted its holdings in shares of Camden National by 6.1% during the 3rd quarter. Intech Investment Management LLC now owns 7,282 shares of the financial services provider’s stock valued at $281,000 after acquiring an additional 421 shares in the last quarter. Finally, Signaturefd LLC grew its position in Camden National by 2.2% during the 4th quarter. Signaturefd LLC now owns 20,592 shares of the financial services provider’s stock worth $893,000 after acquiring an additional 434 shares during the last quarter. 77.41% of the stock is currently owned by institutional investors and hedge funds.

Camden National Trading Up 1.2%

The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $808.03 million, a price-to-earnings ratio of 13.64 and a beta of 0.65. The business has a fifty day simple moving average of $43.69 and a 200-day simple moving average of $40.78.

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.