Camden National (NASDAQ:CAC) Sets New 1-Year High – Time to Buy?

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

Analyst Upgrades and Downgrades

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

Camden National Price Performance

The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.82 and a current ratio of 0.82. The company’s 50 day moving average price is $57.09 and its 200-day moving average price is $52.37. The company has a market cap of $1.00 billion, a price-to-earnings ratio of 11.18 and a beta of 0.58.

Camden National (NASDAQ:CAC) last announced its earnings results on Tuesday, October 27th. The financial services provider reported $1.34 EPS for the quarter, meeting the consensus estimate of $1.34. The business had revenue of $68.67 million during the quarter, compared to the consensus estimate of $67.91 million. Camden National had a return on equity of 12.71% and a net margin of 24.16%. On average, equities research analysts forecast 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 issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Thursday, October 15th. Camden National’s payout ratio is currently 31.64%.

Hedge Funds Weigh In On Camden National

A number of hedge funds have recently added to or reduced their stakes in CAC. Bank of America Corp DE bought a new position in Camden National during the second quarter valued at approximately $1,709,000. Empowered Funds LLC increased its stake in shares of Camden National by 322.3% during the 1st quarter. Empowered Funds LLC now owns 69,644 shares of the financial services provider’s stock worth $3,305,000 after purchasing an additional 53,154 shares during the last quarter. Kimelman & Baird LLC acquired a new position in shares of Camden National during the 2nd quarter worth $7,444,000. Globeflex Capital L P bought a new position in shares of Camden National during the 2nd quarter valued at $1,033,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Camden National in the 2nd quarter valued at $1,591,000. Institutional investors and hedge funds own 77.41% of the company’s stock.

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.