Camden National (NASDAQ:CAC) Issues Earnings Results, Meets Expectations

Camden National (NASDAQ:CAC) issued its quarterly earnings data on Tuesday. The financial services provider reported $1.34 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.34, FiscalAI reports. Camden National had a return on equity of 12.59% and a net margin of 23.64%. The business had revenue of $66.77 million for the quarter, compared to analysts’ expectations of $67.91 million.

Here are the key takeaways from Camden National’s conference call:

• Third-quarter earnings increased: Net income rose 8% year over year to $22.8 million, while diluted EPS increased 7% to $1.34. Record total revenue reached $68.7 million, supported by improved operating leverage and disciplined expenses.
• Funding and margin trends improved: Deposits grew 5% sequentially and 8% year over year to $5.8 billion, helping drive a 15-basis-point quarterly expansion in reported net interest margin to 3.41%. Management expects the margin to remain relatively stable in the fourth quarter and expand further over 2027, though potentially at a slower pace.
• Growth investments are building momentum: Home equity loans increased 7% during the quarter and 25% year over year to $392 million, while four commercial bankers were added in Massachusetts and southern Maine. Management cited a $127 million commercial pipeline and expects modest near-term loan growth with low-single-digit growth targeted in 2027.
• Fee income declined and credit provisioning rose: Non-interest income fell 8% sequentially to $13.2 million due primarily to lower BOLI and mortgage banking income. Provision expense increased to $1.9 million from $710,000 as the allowance ratio rose slightly and additional reserves were established for unfunded home equity commitments, although overall credit metrics remained sound.

Camden National Price Performance

Shares of NASDAQ:CAC opened at $58.29 on Thursday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.09. The stock has a market cap of $985.10 million, a PE ratio of 11.17 and a beta of 0.57. The company’s fifty day moving average is $56.91 and its 200 day moving average is $52.03. Camden National has a 52 week low of $37.06 and a 52 week high of $60.59.

Camden National Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Thursday, October 15th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Thursday, October 15th. Camden National’s dividend payout ratio (DPR) is presently 32.18%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CAC shares. Weiss Ratings raised Camden National from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Raymond James Financial increased their price target on shares of Camden National from $56.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Keefe, Bruyette & Woods raised their price objective on shares of Camden National from $50.00 to $55.00 and gave the company a “market perform” rating in a research report on Thursday, July 30th. National Bank Financial set a $58.00 price objective on shares of Camden National in a research report on Wednesday. Finally, Hovde Group initiated coverage on shares of Camden National in a research note on Tuesday, September 15th. They set a “hold” rating for the company. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $56.00.

Camden National Company Profile

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.