Camden National (NASDAQ:CAC) Stock Price Breaks Above 200 Day Moving Average – Here’s What Happened

Camden National Corporation (NASDAQ:CAC) shares crossed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $52.34 and traded as high as $58.06. Camden National shares last traded at $56.86, with a volume of 120,629 shares trading hands.

Wall Street Analysts Forecast Growth

CAC has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Camden National in a report on Friday, September 4th. Hovde Group started coverage on shares of Camden National in a research note on Tuesday, September 15th. They issued a “hold” rating on the stock. Raymond James Financial raised their target price on shares of 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 $60.00 price target on shares of Camden National in a research note on Tuesday, September 15th. Finally, Keefe, Bruyette & Woods boosted their price target on Camden National from $50.00 to $55.00 and gave the company a “market perform” rating in a report on Thursday, July 30th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $56.50.

Camden National Stock Up 1.0%

The firm has a market cap of $961.61 million, a P/E ratio of 10.90 and a beta of 0.54. 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 business has a 50-day moving average price of $57.13 and a 200-day moving average price of $52.41.

Camden National (NASDAQ:CAC) last released its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share for the quarter, beating 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 firm had revenue of $67.41 million during the quarter, compared to the consensus estimate of $66.41 million. On average, equities analysts forecast that Camden National Corporation will post 5.43 EPS for the current fiscal year.

Camden National Announces Dividend

The firm also recently declared 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 was Wednesday, July 15th. This represents a $1.68 annualized dividend and a dividend yield of 3.0%. Camden National’s payout ratio is currently 32.18%.

Hedge Funds Weigh In On Camden National

Several institutional investors have recently bought and sold shares of CAC. Empowered Funds LLC lifted its holdings in Camden National by 322.3% during the first quarter. Empowered Funds LLC now owns 69,644 shares of the financial services provider’s stock worth $3,305,000 after buying an additional 53,154 shares during the period. Kimelman & Baird LLC bought a new stake in Camden National during the 2nd quarter valued at $7,444,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Camden National in the 2nd quarter valued at $1,591,000. Bank of New York Mellon Corp purchased a new position in shares of Camden National in the 2nd quarter valued at $6,545,000. Finally, UBS Group AG raised its position in shares of Camden National by 47.2% in the 4th quarter. UBS Group AG now owns 58,395 shares of the financial services provider’s stock worth $2,533,000 after acquiring an additional 18,722 shares in the last quarter. 77.41% of the stock is owned by hedge funds and other institutional investors.

Camden National Company Profile

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

The bank offers deposit accounts, residential and commercial lending, home equity loans, consumer loans, cash-management services, online and mobile banking, and other financial products. Through its wealth-management operations, Camden National also provides investment management, trust, retirement planning and related advisory services.

Camden National traces its history to 1875 and has grown into a community-focused banking organization serving customers through a network of locations throughout Maine.