Camden National (NASDAQ:CAC) Sees Strong Trading Volume – Here’s Why

Shares of Camden National Corporation (NASDAQ:CAC) saw unusually-high trading volume on Thursday . Approximately 73,455 shares were traded during trading, a decline of 27% from the previous session’s volume of 100,494 shares.The stock last traded at $55.9960 and had previously closed at $56.58.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CAC shares. Keefe, Bruyette & Woods upped their target price on Camden National from $50.00 to $55.00 and gave the company a “market perform” rating in a research report on Thursday, July 30th. Raymond James Financial raised their price target on Camden National from $56.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. National Bank Financial set a $55.00 price target on Camden National in a research note on Thursday, July 30th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Camden National in a research note on Tuesday, June 9th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Camden National presently has an average rating of “Hold” and a consensus price target of $55.25.

Camden National Stock Performance

The company has a 50 day moving average price of $55.64 and a 200-day moving average price of $51.17. 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 company has a market cap of $945.22 million, a P/E ratio of 10.71 and a beta of 0.55.

Camden National (NASDAQ:CAC) last announced its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.06. Camden National had a return on equity of 12.59% and a net margin of 23.64%.The business had revenue of $67.41 million during the quarter, compared to the consensus estimate of $66.41 million. On average, equities analysts expect that Camden National Corporation will post 5.43 earnings per share for the current fiscal year.

Camden National Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were issued a $0.42 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.0%. Camden National’s dividend payout ratio is 32.18%.

Institutional Investors Weigh In On Camden National

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Los Angeles Capital Management LLC boosted its position in shares of Camden National by 1.8% during the 4th quarter. Los Angeles Capital Management LLC now owns 15,982 shares of the financial services provider’s stock valued at $693,000 after purchasing an additional 284 shares in the last quarter. Sheets Smith Wealth Management increased its holdings in Camden National by 2.5% in the second quarter. Sheets Smith Wealth Management now owns 14,683 shares of the financial services provider’s stock worth $796,000 after purchasing an additional 363 shares in the last quarter. Quantbot Technologies LP increased its holdings in Camden National by 11.9% in the third quarter. Quantbot Technologies LP now owns 3,545 shares of the financial services provider’s stock worth $137,000 after purchasing an additional 378 shares in the last quarter. Intech Investment Management LLC lifted its stake in Camden National by 6.1% in the third quarter. Intech Investment Management LLC now owns 7,282 shares of the financial services provider’s stock valued at $281,000 after buying an additional 421 shares during the period. Finally, PNC Financial Services Group Inc. lifted its stake in Camden National by 106.1% in the first quarter. PNC Financial Services Group Inc. now owns 878 shares of the financial services provider’s stock valued at $42,000 after buying an additional 452 shares during the period. 77.41% of the stock is owned by institutional investors.

Camden National Company Profile

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.